724 Solutions announces close of acquisition of TANTAU Software
724 Solutions Inc., a provider of Internet infrastructure software enabling clients to deliver services involving transactions such as online banking, brokerage and m-commerce (mobile commerce), announced the closing of its acquisition of TANTAU Software Inc., a provider of software platforms that enable enterprises to conduct high-volume, secure, mobile transactions.
The deal combines the complementary strengths of both organizations to deliver scalable, secure mobile transaction capabilities. The company will operate under the name 724 Solutions Inc., and its combined customers have more than 270 million customer relationships worldwide. The deal extends 724 Solutions' global presence and is expected to accelerate the company's technology roadmap, its path to profitability and its entry into new verticals.
Under the terms of the agreement, 724 Solutions acquired TANTAU for 17, 091,679 common shares and assumed options to purchase an additional 1,908,182 common shares. In addition, 724 Solutions assumed an additional 131,063 options for those employees who joined TANTAU between November 29, 2000 to January 17, 2001.
As of the date of this announcement, 724 Solutions shareholders will own approximately 68 per cent of the combined company and TANTAU shareholders will own approximately 32 per cent, on a fully diluted basis.
About 724 Solutions Inc.
724 Solutions is an Internet infrastructure solutions provider to financial institutions, enabling them to offer personalized and secure mobile banking, investment, and commerce services across a wide range of Internet-enabled wireless and consumer electronic devices. The company provides end-to-end customer support through its global application hosting and contact center services. Headquartered in Toronto, Canada, the company has offices in London, Paris, Chicago, San Francisco, Santa Clara, Sydney, and Tokyo.
TANTAU Software Inc. is a global provider of software and professional services that enable enterprises to conduct high-volume, secure, mobile e-commerce transactions while maintaining direct access to their customers. Headquartered in Austin, Texas, TANTAU is a global company with development and sales offices around the world, including Australia, Finland, Germany, Japan, the Netherlands, Switzerland, the United Kingdom and the United States.