DOYLESTOWN, Pa., Dec. 20, 2018 /PRNewswire/ -- Smith Micro Software, Inc. (NASDAQ: SMSI) announced that it has entered into a definitive agreement to acquire the assets of ISM Connect, LLC's Smart Retail product suite. The powerful Smart Retail platform enables wireless carriers and retailers to bring interactive demos that deliver consistent, targeted and secure content, including messaging and advertising campaigns to smart phones and tablets.
Smart Retail will be a substantial augmentation to Smith Micro's business and a logical addition to a product line that targets wireless carriers. Pursuant to the terms of the transaction, Smith Micro will acquire the assets of ISM Connect's Smart Retail product suite for a purchase price of approximately $9.8 million, consisting of $4 million payable in cash and $5.8 million payable through the issuance of Smith Micro common stock.
Derick Schaudies of Leonis Partners, a New York based full-service advisor, served as the lead advisor to ISM for the transaction.
"We believe SMSI will be acquiring a strong business unit of very passionate, hardworking individuals that will contribute to their goals," said Kent Heyman, CEO of ISM Connect. "As we look forward to 2019, the transaction will enable us to redeploy capital to help build our best-in-class fan activation platform, growing core networks with partners such as Minor League Baseball and NASCAR, as well as new opportunities to create technology solutions for high-value venues."
For more detail on the transaction and how it benefits Smith Micro's business, view here.
About ISM Connect
ISM is an industry innovator building the world's first fully-integrated network of smart engagement technology. ISM's network of over 100 venues reaches an audience of nearly 110 million consumers. We modernize the way fans experience events, brands market and venues present themselves. For more information, visit www.ismconnect.com.
About Smith Micro Software, Inc.
Smith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers and Cable MSOs around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today's connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. Our portfolio also includes a wide range of products for creating, sharing and monetizing rich content, such as visual messaging, and 2D/3D graphics applications. For more information, visit www.smithmicro.com.
Contact: Brian Becker, (862) 221-2135, firstname.lastname@example.org
SOURCE ISM Connect