"Don't be afraid to give up the good to go for the great."
-John D. Rockefeller
Veramark Technologies, Inc. to be Taken Private by Varsity Acquisition LLC
Publicly traded Veramark Technologies, Inc. (VERA:OTCB), a Rochester, NY-based provider of Telecom Expense Management (TEM) solutions, announced today that it has agreed to be taken private by Varsity Acquisition LCC and All Big Ten Holdings, Inc., a wholly owned subsidiary of Varsity.
Under terms of the definitive agreement, which has been approved by Veramark’s board of directors, All Big Ten will buy all of the company’s outstanding shares of common stock for $0.98 in cash. The amount is a 38 percent premium over the 90-day average of the company’s shares and a 29 percent premium over the closing price of the company’s shares on April 30, 2013.
Veramark President and CEO Tony Mazzullo will continue to serve in his current role, as will all other key members of the management team.Veramark works with companies to take the complexity and expense out of telecom, including managing costly mobile devices and networks. All of the companies solutions are hosted SaaS or available as on-premise software.
Marty Wolf, President of martinwolf | M&A Advisors, says “Veramark has industry-leading IP and strong relationships with its 3,000 customers around the world. Our client’s intention is to help the company find new paths to growth both organically and through acquisition, outside the public view.”
To read Veramark’s press release on the acquisition, click here.
martinwolf acted as the financial advisor to Varsity in this transaction.