Ericsson Acquires Billing Vendor MetraTech
STOCKHOLM -- Ericsson today announced it has entered into an agreement to acquire US-based MetraTech Corp., a provider of metadata-based billing, commerce and settlement solutions uniquely adaptable to multiple business models and industries.
The acquisition includes all 140 employees and contractors comprising a team of highly-skilled software experts. It will further build upon Ericsson's expertise in billing and expands its geographic presence in the US.
The acquisition addresses unique requirements in support of the new revenue models and global commerce that are being driven by IoT and XaaS business models. Ericsson will gain capabilities to support customers, partners and suppliers in multiple industries and accelerate the creation and delivery of new value-added services. Customers can create fluid, personalized, multi-party agreements to meet unique business needs. This is especially valuable for industries undergoing technology or business model transformation.
Per Borgklint, Senior Vice President and Head of Business Unit Support Solutions, Ericsson says: "For a range of industries, thriving in the Networked Society means having the ability to quickly support new revenue models and shift strategies as fast as customer and partner needs evolve. MetraTech's metadata-based billing solutions strengthen our extensive OSS and BSS portfolio and billing capabilities across a range of sectors, helping us extend our leadership as we support a world with increasingly more connections."
Scott Swartz, founder and CEO of MetraTech, says: "From its founding, MetraTech has leveraged an industry-agnostic, metadata-driven platform to enable innovative monetization of products and services across a diverse customer base. Ericsson's comprehensive portfolio and services, reach and Networked Society vision perfectly complements our vision of enabling customers across industries to transform their business. We are eager to accelerate MetraTech's breakthrough work as part of Ericsson to drive further uptake of our innovative monetization solutions."
MetraTech was founded in 1998 and is headquartered in Boston in the US. The company accelerates commerce by providing an unlimited ability for customers to innovate how financial relationships are created, structured and managed. It supports a broad customer base of leading companies from a range of industries in 150 countries, 36 languages and 28 currencies. The company has 140 employees and contractors.
The acquisition is expected to close before the end of the third quarter 2014, subject to customary closing conditions.
Ericsson AB (Nasdaq: ERIC)