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ADIR Technologies Completes Acquisition of NetSpeak
NJBIZ STAFF//August 9, 2005//
Newark”s ADIR Technologies announced it has completed its acquisition of publicly-held NetSpeak. ADIR was formed in September 2000 as a spin-off of Net2Phone (Nasdaq: NTOP), a provider of Internet telephony services. ADIR”s technology is based on the VoIP network that Net2Phone has operated since 1995. NetSpeak, founded in 1995 has over 30 service provider customers using its suite of VoIP infrastructure and application software today.Under the terms of the merger agreement, ADIR has paid $3.10 in cash for each outstanding share of NetSpeak common stock, valuing the acquisition at approximately $48 million. As a result of the merger, Netspeak common stock has been delisted from the Nasdaq National Market and is no longer publicly traded.The combined company expects to benefit from significant cross sell and up-sell opportunities through its relationships with more than 30 major communication service providers worldwide, including Net2Phone, Genuity, China Unicom, IDT, Terra Networks, NetVoice, Telenova, Avantel, CallServe and others. ADIR will be able to provide these customers with the ability to upgrade to a larger scale VoIP network management system, while NetSpeak will bring the global access and seasoned development team that will enhance all service offerings. As a result of the acquisition, David Greenblatt, previously president and chief operating officer of ADIR, has been named chief executive officer. Greenblatt was previously COO of Net2Phone. Michael Rich, previously chief executive officer of NetSpeak, has been named president and COO of ADIR. “This merger makes ADIR a VoIP solutions powerhouse for those looking to implement scalable, real-time VoIP systems,” said David Greenblatt. “ADIR already has a system that can manage and monitor all aspects of a large-scale, carrier-grade VoIP environment for leading carriers. With the integration of NetSpeak we now have products that can service the cable markets, as well as a suite of front-end applications that create new revenue streams for our customers. ADIR”s market position is truly superior to that of any other company currently in the marketplace.”
