Wireless telecommunications provider Syniverse Technologies today announced it has acquired Interactive Technology Holdings (ITH) for up to $US45 million in cash, including potential earn-out payments of up to $7 million if certain financial goals are achieved.
Headquartered in Hong Kong, ITH provides value-added services to carriers in the Asia-Pacific region.
It has about 180 employees and nine regional offices in cities including Singapore, Malaysia, and Taiwan.
This acquisition will expand Syniverse's footprint in the Asia-Pacific region, according to CEO Tony Holcombe, who said the acquisition is an important part of the company's strategic plan for global expansion and product development.
He said the bulk of ITH's customer base are GSM operators with advanced product offerings such as prepaid, messaging, video and number portability that complement Syniverse's existing suite of services.
"The acquisition expands our presence and provides us with additional development capabilities in the heart of the world's most advanced wireless market," Holcombe said.
ITH chief executive officer, Raymond Cheung said Asian wireless telecommunication carriers have been leaders in the adoption of 3G products.
The acquisition will be accounted for as a purchase transaction and is expected to be accretive to earnings in 2006.