VISTO®, a leading mobile push and synchronization platform for service providers, today announced that it has entered into a definitive agreement to acquire Good Technology from Motorola, Inc. (NYSE: MOT). This acquisition immediately positions VISTO as a global leader in the delivery of a full range of secure, mobile messaging solutions for enterprises through mobile operators and OEM handset manufacturers.
The terms of the transaction were not disclosed. The parties intend to close the transaction by the end of February.
"This transaction marks another important milestone in VISTO's emergence as a worldwide leader for mobile access to applications and content, especially messaging and collaboration data. Good's robust enterprise and government solution will complement VISTO's strong operator presence in business and consumer markets," said Brian A. Bogosian, CEO of VISTO. "As a result of this transaction, VISTO will now provide customers in over 100 countries an open, robust and secure mobile experience for enterprise customers, on over 400 different mobile devices."
Good Technology specializes in offering wireless messaging, mobile VPN data access, device management and handheld security for enterprise customers worldwide. The addition of Good's extensive service offerings in the U.S. Europe and Asia will enable VISTO to provide its government and enterprise customers with the benefits of a broader range of solutions and best-in-class secure mobile offerings.
VISTO has extensive relationships with mobile operators throughout Europe, North America, and Asia. Good, through its relationships with U.S. Mobile Carriers, has implementations with thousands of enterprises, including many of the Fortune 500 with a high concentration of the Fortune 50.
"We believe that this transaction is in the best interest of our customers, employees and shareholders," said Gene Delaney, president, Enterprise Mobility Solutions, Motorola, Inc. "VISTO's acquisition of Good will allow Motorola to continue to concentrate on providing best-in-class business-critical applications, secure management platforms and mobility services that empower the individual with the right information at the right time to streamline business processes and improve results."
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About VISTO
VISTO a leading provider of mobile push synchronization platform and service provider, enables mobile operators to provide easy-to-use communications services from email to social networking to photo sharing across the broadest set of devices. The Company's patented VISTO MobileTM platform with ConstantSyncTM technology works in real time with popular email and social networking services for personal and business use, providing maximum control and flexibility for the operator and choice for the customer. VISTO's customized, brandable solutions are available through mobile operators worldwide including AT&T, Elisa, Rogers Wireless, Qtel, SmarTone, SFR, Softbank Mobile, Sprint, TELUS, T-Mobile, Turkcell and the Vodafone Group.
Established in 1996 and headquartered in Redwood Shores, California, VISTO has offices in Seattle, Toronto, London, Milan, Paris, Madrid, Dusseldorf, and Tianjin, China. The Company is backed by Oak Investment Partners, Draper Fisher Jurvetson, Altitude Capital Partners, Meritech Capital Partners, DFJ ePlanet Ventures, DFJ Growth Fund, Rustic Canyon Ventures, GKM Newport, Stanford Accelerator and Blueprint Ventures. For more information, visit www.visto.com or email info@visto.com.
About Motorola
Motorola is known around the world for innovation in communications and is focused on advancing the way the world connects. From broadband communications infrastructure, enterprise mobility and public safety solutions to high-definition video and mobile devices, Motorola is leading the next wave of innovations that enable people, enterprises and governments to be more connected and more mobile. Motorola (NYSE: MOT) had sales of US $30.1 billion in 2008. For more information, please visit www.motorola.com.
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Forward-Looking Statements
Certain statements contained in this press release, including the expected timetable for completing the proposed transaction, future financial and operating results, benefits and synergies of the transaction, future opportunities and offerings for the combined company and products, any other statements regarding Motorola's or VISTO's future expectations, beliefs, goals or prospects, and any statements that are not statements of historical facts might be considered forward-looking statements. While these forward-looking statements represent managements' current judgment of future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those stated in the forward-looking statements. Important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, include: (i) the parties' ability to consummate the transaction; (ii) the conditions to the completion of the transaction may not be satisfied; (iii) the possibility that the parties may be unable to achieve expected synergies and operating efficiencies within expected time-frames or at all; (iv) VISTO's ability to successfully integrate Motorola's Good Technology operations into those of VISTO and the possibility that such integration may be more difficult, time-consuming or costly than expected; (v) revenues following the transaction may be lower than expected; (vi) operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the transaction; (vii) the retention of certain key employees within Motorola's Good Technology Group; (viii) the inability to protect either party's intellectual property rights may weaken its competitive position; (ix) the general outlook for the economy and the industry in which the combined business will operate; (x) other factors, including factors described in Motorola's Annual Report on Form 10-K for the year ended December 31, 2008 and its subsequent reports filed with the SEC. Motorola and VISTO assume no obligation to update or revise any forward-looking statement in this press release, and such forward-looking statements speak only as of the date hereof.