IDT Corporation Announces the Acquisition of Horizon Global Trading LLC.
NEWARK, N.J.--(BUSINESS WIRE)--Feb. 6, 2002
IDT Will Market Horizon's Trading Solutions to Securities Industry
Together with Telecommunications Services
IDT Corporation (NYSE: IDT, IDT.B), a leading multinational carrier and telephone company, today announced the acquisition of privately-held Horizon Global Trading LLC, a leading provider of comprehensive, real-time business solutions to the financial securities industry through a proprietary line of Internet-based software products.
Horizon provides many of the world's leading financial institutions with a one-stop solution for investing, trading, lending, clearing and processing securities. Horizon's prestigious roster of clients includes institutions such as, UBS Warburg, First Union, Societe Generale, HSBC and Mizuho Bank.
"Even though Horizon is already profitable on a stand alone basis, being part of IDT gives Horizon the strong technological and financial resources necessary for growth and also provides Horizon customers with access to IDT' s broad range of domestic and international telecommunications services," said Brian Finkelstein, Chairman of Horizon. "Every securities firm needs the most efficient trading and telecommunications capabilities available. Now they can get them all in one place."
Horizon' fully integrated product suite, BondFire, provides clients with true straight-through-processing capabilities, taking a trade from point of negotiation or execution all the way through to settlement. BondFire is designed to link seamlessly with clients' proprietary systems for company wide general ledger reporting and other data processing.
"Making Horizon part of the IDT product mix greatly expands our cross-selling opportunities," said Jim Courter, IDT's CEO and Vice Chairman. "A securities firm looking for reliable ways to handle its core business will find everything it needs in Horizon. For instance, Winstar's fixed wireless technology could give that same firm an affordable `last mile' telecommunications solution, while IDT would provide affordable long distance services and extensive fiber assets to handle all telecommunications and data needs."
"When we look at a company to acquire, I use IDT's law of math, which says that two plus two must equal at least ten. That's what synergy is all about," said Howard Jonas, IDT's Chairman. Winstar gave IDT the `last mile' . Horizon gives IDT access to a huge blue chip customer base. Since few industries are telecom and data intensive as the securities business, and IDT is one of the world's premier telecom companies, the fit is obvious."
Previously, on December 20 of last year, IDT announced its acquisition of substantially all the operating assets of Winstar Communications, Inc. Winstar operates as a Competitive Local Exchange Carrier (CLEC) in 50 states using fixed wireless technology to provide telephone and data services to enterprise customers.
IDT is a leading facilities-based, multinational carrier that provides a broad range of telecommunications services to its wholesale and retail customers worldwide.
Through its own national telecommunications backbone and fiber optic network infrastructure, IDT provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT Ventures is the IDT subsidiary responsible for the Company's initiatives outside of its core telecom business. Through its IDT Investments subsidiary, IDT has equity interests in several telecom and Internet-related companies.
Except for historical information, all of the expectations and assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, expand our customer base and enter international markets. The forward looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications, and Internet access services. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this release. In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; (c) those discussed in our Annual Report on Form 10K for the period ended July 31, 2001 and (d) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward looking statements.
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|Date:||Feb 6, 2002|
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