Redknee acquires Argent

Redknee Solutions will acquire the assets of New Zealand-based Argent Networks for an initial payment of $4 million in cash, increasing to a maximum of $8 million if certain revenue-related metrics are achieved.

Considering this, Redknee is boosting its fiscal 2008 guidance to C$48-C$52 million ($47.2-$51.2 million).

Redknee's directors believe that the acquisition will further strengthen its operating model and market share, particularly among emerging market operators.

The acquisition will be made through Redknee's wholly owned subsidiaries and is dependent on the approval by Argent's shareholders. The transaction is expected to close on January 31.