20th Oct 2008 07:00
20 October 2008
Vitec announces the acquisition of the Technologies Talkdynamics business
The Vitec Group plc ("Vitec") announces that it has acquired certain assets (including intellectual property) and retained certain employees of Technologies Talkdynamics Inc. ("Talkdynamics"), a software development company based in Montreal, Canada.
Talkdynamics is an existing supplier to Vitec's Clear-Com subsidiary of Voice over Internet Protocol ("VoIP") software. Talkdynamics will remain in Montreal, which has attractive R&D tax credits and grants, and will form part of the Clear-Com business unit within the Broadcast Systems Division.
The gross assets that are the subject of the acquisition are expected to be CAD$2.8m (£1.4m). The acquisition will be funded from existing resources. Terms were not disclosed.
Commenting on the acquisition, Alastair Hewgill, Interim Chief Executive of Vitec, said:
"I am delighted to announce this acquisition. Talkdynamics is well known to Vitec, having worked with our Clear-Com business for several years in the development of certain of Clear-Com's products. The acquisition will enhance our position as a leading supplier of VoIP communication systems."
Ends
Enquiries: The Vitec Group plcAlastair Hewgill Telephone: 020 8939 4650 Financial DynamicsRichard Mountain / Sophie Kernon Telephone: 020 7269 7121 Notes to Editors 1. Vitec is an international Group, principally serving customers in the worldwide media sector with products and services for the broadcast, entertainment and photographic industries. Vitec is based on strong, well known, premium brands that professionals rely on. Vitec is organised in three divisions: Imaging & Staging, Broadcast Systems and Broadcast Services. More information can be found at: www.vitecgroup.com. 2. More information on Talkdynamics can be found at www.talkdynamics.com.
3. Canadian dollars to £ sterling conversions have been shown at the rate of CAD$2.00/£1. 4. Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect Vitec's current expectations concerning future events and actual results may differ materially from current expectations or historical results.
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