VANCOUVER, Feb. 1 /PRNewswire/ – Voice Mobility International, Inc. (NEX: VMY.H, Pink Sheets: VMII, and FWB: VMY) ("Voice Mobility"), a Vancouver-based developer and provider of carrier and enterprise messaging solutions, today announced the signing and closing of a 10 year license agreement (the "Agreement") with Applied Voice & Speech Technologies, Inc. ("AVST"), whereby AVST obtained the exclusive use of Voice Mobility’s unified communications ("UC") cloud technology, including all intellectual property related to the UCN250 unified communications as a service ("UCaaS") platform (the "Technology") in exchange for AVST issuing 4.5% of its outstanding equity in the form of preferred shares (the "Equity Share"). AVST is also required to issue a 1% Equity Share to Voice Mobility upon the five year anniversary of the Agreement.
AVST also has the right to purchase the Technology and Voice Mobility has the right to sell the Technology for the issuance of an additional 1% Equity Share and an additional 2.25% Equity Share subject to revenue milestones and 2.25% Equity Share subject to the execution of long-term distribution agreements by AVST. Assuming all of the performance conditions are met and AVST purchases the Technology, the overall consideration for the transaction is equal to 10% of the issued and outstanding shares of AVST.
Jay Hutton, CEO of Voice Mobility commented "We are very pleased to announce this deal as it strengthens the balance sheet of the Company and it is part of our plan to close several service provider acquisitions in the coming weeks and months. We are particularly pleased to have created a long-term equity partnership with a company we believe is one of the leaders in the unified communications marketplace".
The UCN250 is a highly scalable and reliable Linux and SIP-based UCaaS platform that will be integrated into AVST’s UC solutions portfolio. The Technology provides a public cloud-based UC offering and rounds out AVST’s industry leading premise-based UC solutions.
According to AVST’s President & CEO, Hardy Myers, "It has been our intention for several years to deliver solutions that include cloud computing as part of our product strategy. The UCN 250 UCaaS platform is a strong compliment to our existing unified communications portfolio, which was further bolstered by our acquisition of Active Voice in April 2010. Our strategy has always been to provide customers with best of breed unified communications solutions that improve productivity, support mobility and transform business processes". AVST’s highly interoperable UC solutions include unified messaging, personal assistant, speech, fax and notification capabilities as well as its UCConnect® open development framework for the integration communications with business processes.
Jay Hutton, commented further, "This partnership is intended to bring together industry leading technologies to ultimately improve the way companies communicate and collaborate. We believe that our technology is a natural fit for AVST and the combination of the two company’s solutions brings to market a complete solution set for AVST from premise-based to the public cloud. Now that this transaction has been completed, we look forward to working closely with AVST to create a secure, mobile-centric UC services portfolio for Voice Mobility’s customers."
About Voice Mobility
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SOURCE Voice Mobility Inc.