|By Business Wire||
|June 10, 2014 06:30 PM EDT||
Verisae, Inc. (“Verisae”), the leading global provider of the Connected Facility – the integrated software platform that combines maintenance, machine to machine monitoring, energy, and sustainability software solutions into one – today announced the signing of a definitive agreement to acquire ViryaNet Ltd. (OTC QB: VRYAF) (“ViryaNet”). Headquartered in Westborough, MA, ViryaNet’s mobile workforce software solutions optimize and allow for the continuous improvement of service processes for companies with mobile workforces.
“ViryaNet is a strategic acquisition to Verisae’s family of cloud software products,” stated Jerry Dolinsky, Chief Executive Officer of Verisae. “Our customers require a mixed model of leveraging internal and external mobile workforces to service their facilities and assets. By adding ViryaNet’s comprehensive mobile workforce capability to our end-to-end facility platform, our customers will have the ability to improve the productivity of their mobile workforce.”
Currently, over 35,000 service companies use Verisae’s SaaS software when servicing Verisae’s customers in more than 20 countries. The acquisition of ViryaNet will enable Verisae to offer its mobile workforce capability to those service companies as well as to Verisae’s customers, enabling both service companies and facility owners to improve their efficiencies and lower the cost of delivering service.
Combining Verisae’s deep-rooted domain in cloud software for asset management, energy, sustainability, and machine to machine monitoring with ViryaNet’s mobile workforce solutions will allow the combined companies to better understand and support the needs of the market throughout the entire spectrum of the service supply chain. Verisae will continue the growth in its integrated solution, and is uniquely positioned in its ability to integrate traditionally siloed data across distributed facilities into its single solution. The company plans to continue developing new capabilities ahead of the market and on behalf of ViryaNet and Verisae customers alike.
“The acquisition is an exciting opportunity to continue our mobile workforce management journey and deliver innovative solutions that empower service organizations to achieve their business goals,” stated Memy Ish-Shalom, President and Chief Executive Officer of ViryaNet. “Together with Verisae we are better positioned to accelerate the delivery of our joint vision, which will benefit our employees, customers, and future growth.”
ViryaNet will become a strategic business unit of Verisae. The ViryaNet team will stay intact, and its solutions and development resources will be expanded. Subject to regulatory approvals, Verisae expects the transaction to close in fiscal Q3 of 2014.
ViryaNet (www.viryanet.com) delivers mobile workforce management solutions that intelligently guide, automate, and optimize both simple and complex field service work, resulting in measurable business benefits. ViryaNet’s products, pre-packaged solutions and people are recognized within the industry as innovative, which in turn enables its customers to be viewed as leaders within their respective industries. ViryaNet has strong partnerships with leading platform and system integration companies that enable it to have a global presence. Headquartered in Westborough, MA, ViryaNet has additional offices in the United States and Israel.
Verisae is a leading provider of SaaS solutions that manage asset and equipment maintenance, energy usage and environmental efficiency and compliance for companies in the grocery, specialty retail, and food service industries. Verisae offers cloud-based solutions that are simple, integrated, mobile, and operate on an open API technology platform – The Connected Facility. Verisae currently has a network of more than 150,000 registered users managing in excess of three million assets at more than 50,000 sites in North America, Europe, and Asia. For more information, please visit www.verisae.com.
Any statements contained in this communication that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as “believes,” “plans,” “anticipates,” “estimates,” “expects,” “intends,” “seeks” or similar expressions. Forward-looking statements are based on current expectations about future events and are subject to risks, uncertainties and assumptions. Factors that could cause actual future results to differ materially from current expectations include, but are not limited to, the possibility that the transaction may not close on schedule or at all; the risk of competing offers; and the possibility that various closing conditions for the transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction. You should not place undue reliance on forward-looking statements, which are based on current expectations, since, while Verisae believes the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove accurate. All forward-looking statements included in this communication are made as of the date hereof and, unless otherwise required by applicable law, Verisae undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
In connection with the proposed transaction, ViryaNet intends to mail a proxy statement to its shareholders and furnish a copy of the proxy statement with the SEC on Form 6-K. Shareholders of ViryaNet are urged to read the proxy statement and the other relevant material when they become available because they will contain important information about ViryaNet, the proposed transaction and related matters. Shareholders are urged to carefully read the proxy statement and other relevant materials when they become available before making any voting or investment decision with respect to the proposed transaction. The proxy statement (when available) may be obtained for free at the SEC's website at www.sec.gov. In addition, the proxy statement will be available, without charge, at ViryaNet’s website at www.viryanet.com. This press release is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell shares of ViryaNet. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement that ViryaNet intends to furnish to the SEC on Form 6-K.
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