COMPANY PRESS RELEASE: VeriSign, the leading provider of digital trust services, has announced the completion of its acquisition of Savannah, Ga-based H.O. Systems, Inc., a leading provider of billing and customer care solutions to wireless carriers.
VeriSign previously announced a definitive agreement to acquire H.O. Systems on January 7, 2002. Under the terms of the agreement, VeriSign paid approximately $350 million in cash, including working capital. This acquisition is accounted for as a purchase transaction.
H.O. Systems’ advanced billing platform combined with the signaling, intelligent network and clearing services of VeriSign’s Illuminet Holdings, Inc. subsidiary will give wireless carriers a comprehensive package of essential services needed to succeed and grow in a highly competitive marketplace.