ECtel completes cVidya Merger

ECtel announced that it has completed the sale of the company to cVidya Networks

January 13, 2010

1 Min Read

ROSH HA'AYIN, Israel -- ECtel Ltd. (NASDAQ: ECTX) ("ECtel" or the "Company"), a leading provider of Integrated Revenue Management(TM) (IRM(R)) solutions for communications service providers, announced today that it has completed the sale of the Company to cVidya Networks Inc. ("cVidya"), a global leader in telecom revenue management, risk management, and dealer management solutions, by way of a merger pursuant to the merger agreement dated October 22, 2009, in a cash transaction valued at $21 million (less transaction expenses of approximately $434,000).

The merger agreement was approved by holders of approximately 99.7% out of over 70% of ECtel's outstanding shares that were voted at an extraordinary general meeting held on December 11, 2009.

As of today, each ordinary share of ECtel issued and outstanding has been automatically converted into the right to receive US $1.26 in cash, without interest and less any applicable withholding tax, and ECtel has become a privately held company, indirectly wholly owned by cVidya.

ECtel Ltd. (Nasdaq: ECTX)

cVidya Networks Inc.

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