HERZLIYA, Israel and NEW YORK, January 6, 2015 /PRNewswire/ --
SuperCom (NASDAQ: SPCB), a leading provider of Electronic Intelligence Solutions for e-Government, Public Safety and Mobile Payments announced today its intent to acquire Prevision Ltd. (Prevision) as part of its strategy to offer complimentary security products and solutions to its growing customer base.
Prevision is an international provider of cutting edge Cyber Security services and solutions based on leading methodologies and best practices in Information Security and Cyber Doctrine. Prevision specializes in protecting strategic assets for governments, militaries and large enterprises in various domains including Critical Infrastructure, Finance and Telecom, with an extensive customer portfolio in Israel, South America, Europe and Asia. The company is based in Herzliya, Israel. For more information on Prevision, please visit Prevision's website at http://www.prevision.co.il.
The deal is expected to contain an upfront cash payment and a potential earn out payments over five years, with the total aggregate payment capped at $2.5 million. SuperCom expects to use its current working capital to finance the deal. The closing of the proposed acquisition is expected within 60 days pending successful due diligence and signing of definitive agreements
Arie Trabelsi, CEO of SuperCom commented, "With growing security needs for nations around the world, governments are increasingly looking for reliable partners to help them navigate this rapidly changing environment. Our breadth of experience providing National Security solutions has positioned us very well as a trusted partner for a wide spectrum of demand in government security. With the addition of Prevision's capabilities, we would be able to offer complimentary Cyber Security solutions as part of our broad security solution. Additionally, we would be able to leverage Prevision's expertise to enhance security on our other existing product platforms in the M2M and Mobile Payment spaces."
"While we are still going through the final due diligence process, as previously stated we focus on synergistic and accretive acquisitions for SuperCom and its shareholders. Prevision is profitable and shares a similar margin profile to SuperCom, and its acquisition is expected to be very accretive," continued Mr. Trabelsi.
"We are very excited to join the SuperCom family and leverage its global presence, product platform, and relationships to provide top-notch cyber security capabilities to governments and corporations around the world," commented Guy Karsenti, CEO and Founder of Prevision. "This juncture provides the opportunity to transform our extensive knowledge and experience into products and solutions that should be scalable to meet global demand, including the existing SuperCom customer base."
Since 1988, SuperCom has been a leading global provider of traditional and digital identity solutions, providing advanced safety, identification and security solutions to governments and organizations, both private and public, throughout the world. Through its proprietary e-Government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance and border control services, SuperCom has inspired governments and national agencies to design and issue secured Multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers an all-in-one field-proven RFID & mobile technology and product suite, accompanied by advanced complementary services for various industries including healthcare and homecare, security and safety, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation.
SuperCom's website is http://www.supercom.com
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SOURCE SuperCom Ltd