ATLANTA, Dec. 1, 2016 /PRNewswire/ -- Yippy, Inc. (OTCMKTS: YIPI) ("Yippy" or the "Company"), a unified enterprise search company, today announced that the Company and Michael Cizmar and Associates Ltd. ("MC+A") have mutually agreed to terminate the previously entered into merger agreement between the parties pursuant to which MC+A was to become a wholly-owned subsidiary of Yippy. The transaction was scheduled to close earlier this quarter.
The goal of the merger was to enhance Yippy's sales efforts within its search appliance business segment, focusing on customers looking to transition away from the Google Search Appliance (GSA) in light of Google's planned exit from the market. The Yippy Search Appliance (YSA) is an out-of-the-box solution which substantially reduces upfront costs, particularly for front-end development and connectors. Those upfront development/connector costs are major revenue drivers for Google VARs creating unmanageable work flows and the need for third parties which substantial increase end user costs and time to production. During the merger due diligence process, the parties determined that various factors, including differences in sales methodologies, would not allow for the intended synergy benefit both parties anticipated when originally constructing the transaction.
"We appreciated the learning experience and the knowledge we amassed during the due diligence process. Our team wishes MC+A great success in the future as they have a lot of experience in search," stated Richard Granville, CEO, Yippy, Inc. He continued, "Lastly, we had a great 2Q with cash and system deliveries at record levels, which we believe is the best indicator of staying on course to provide faster, better, cheaper solutions to our clients."
To find out more about our services and products, please visit our website (www.yippyinc.com) and you can learn more about Yippy's search technologies at the following links.
Yippy Search Technology Overview
History of Yippy and Google Product Comparison - Video
About Yippy, Inc.
Yippy, Inc. (www.yippyinc.com) is a technology company that specializes in the development of search-based applications, data normalization and aggregation through enterprise application service environments (EASE). Yippy's proprietary appliance and cloud based product suites are deployed over private and/or public architecture providing all consumers secure, redundant and maintained data access services. Investors can find current financial disclosure for the company at http://www.otcmarkets.com/stock/YIPI/filings.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/yippy-yipi-announces-mutual-termination-of-merger-with-mca-300371694.html
SOURCE Yippy, Inc.