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| 8-K - VERAMARK TECHNOLOGIES INC | v195340_8-k.htm |
| EX-2.1 - VERAMARK TECHNOLOGIES INC | v195340_ex2-1.htm |
NEWS RELEASE
Veramark
Acquires Source Loop, LLC
Acquisition
of Leading Telecom Expense Management Services Provider Expands Breadth and
Depth of Veramark’s Solution Suite
Pittsford, N.Y., June 18, 2010 – Veramark Technologies
Inc. (VERA.OB), a leading provider of Telecom
Expense Management (TEM) solutions, today announced that it has
acquired the enterprise TEM and consulting businesses of privately-held Source
Loop, LLC, a leading provider of such services, based in Alpharetta,
Georgia.
Source
Loop service capabilities acquired by Veramark include a full suite of
professional and managed services for enterprise-class TEM, including telecom
cost elimination programs, telecom assessments, sourcing, audits, benchmarking,
and network optimization.
“This
acquisition was completed to benefit our customers and is part of our continuous
improvement efforts,” said Tony Mazzullo, CEO and President of Veramark. “Simply
stated, the depth and breadth of the TEM services we offer our customers are
greatly improved and our flexibility to serve our customers, now and in the
future, is enhanced.”
“Source
Loop has had the opportunity to work with many of the leading TEM companies,”
said Daren Moore, Managing Partner of Source Loop. “But in our experience,
Veramark alone possesses the culture of innovation and dedication to customer
value creation that we believe is crucial to the long-term success in this
market. We are thrilled to join the Veramark team.”
The
aggregate purchase price to be paid by the Company for such assets is $1.5
million plus the issuance of up to 500,000 shares of the Company’s $.10 par
value common stock, both subject to adjustment based on financial performance
measures.
“Veramark’s
revenue generated from telecom expense management and Business Process
Outsourcing (BPO) services jumped 63% in the first quarter of 2010 from the same
quarter of 2009,” said Mazzullo. "This is a positive sign that clients see value
in the portfolio of services and technology. Our investments help assure that we
continue to provide a high level of value to our clients.”
Tony
Mazzullo will continue to serve as President and CEO of Veramark. Daren Moore
joins Veramark as Senior Vice President, Telecom Expense Management Services.
Joe Foster joins Veramark as Vice President, Telecom Expense Management
Operations. Source Loop’s service delivery personnel and other key staff will
also join the Veramark team. Veramark headquarters remains in Pittsford, NY, and
Source Loop’s Alpharetta, Georgia office will serve as an additional
Veramark location.
-
Continued -
About
Source Loop
Source
Loop has offered a full suite of professional and managed services for Telecom
Expense Management (TEM), including telecom assessments, sourcing, audits,
benchmarking, and network optimization. Source Loop also provided ongoing TEM
best practice solutions that drive return on investment throughout the entire
telecom lifecycle. Source Loop, a recognized thought leader in the TEM arena,
partnered with enterprise clients to implement centrally managed and integrated
TEM solutions that enable strong operational and cost-effective communications
networks.
About
Veramark Technologies, Inc.
Veramark
is a leading provider of innovative enterprise software and services for telecom
and IT expense and performance management. Veramark solutions provide visibility
into operational expenses and generate actionable business intelligence to help
organizations reduce spend and optimize business processes. Veramark solutions,
which include software and services for Telecom Expense Management (TEM) and
call
accounting, enable best practices for managing complex unified
communications networks on a global scale. For more information, visit www.veramark.com.
# # #
Veramark,
VeraSMART, and eCAS are registered trademarks of Veramark Technologies, Inc. All
other trademarks are the property of their respective owners.
This
report may contain forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. A variety of factors could cause
actual results to differ from the anticipated results expressed in such
forward-looking statements. These may include but are not necessarily limited to
changes in general economic conditions in the United States and overseas,
technological changes in the telecommunications or computer industries, the
timely and successful launch of planned new products, the timely installation
and acceptance by end-user customers, and the impact of competition or changes
in the marketing strategies of major distributors. These risk factors and others
are described in the Company's reports filed with the United States Securities
and Exchange Commission. Subsequent events and developments may cause
these forward-looking statements to change. The Company specifically disclaims
any obligation or intention to update or revise these forward-looking statements
as a result of changed events or circumstances that occur after the date of this
release, except as required by applicable law.
Media
Contact:
Tony
Mazzullo
President
and CEO
Veramark
Technologies, Inc.
(585)
381-6000
tmazzullo@veramark.com