Ciao Group Accelerates Plan to Acquire Telecommunications Operational Support System Firm.
11 May 2017 - US-based telecommunications products and solutions group Ciao Group, Inc. (OTC: CIAU) plans to accelerate the pending acquisition of telecommunications operational support system company with an average annual revenue of USD 1.2m, the group said.
The company announced the planned acquisition on 20 April, at the time projecting a deal close within 60 days.
Ciao now expects to finalise the acquisition by 1 June 2017.
The average annual revenue of the OSS company is USD 1.2m. Ciao management anticipates closing the acquisition within the next 60 days.
Ciao Group recently announced a refreshed business plan to concentrate on developing locally sourced technology and telecommunication services within frontier and emerging economic markets.
The company is in the process of changing its name to NuMelo Technology as part of the business plan refresh.
As one component of its frontier and emerging economic market focus, the company has zeroed in on the locally source mobile vertical network operator market.
The company said it is in negotiations with MVNO companies in Africa, South America and Asia.
As part of a strategic effort to efficiently develop the frontier and emerging MVNO market, the company plans to acquire technology solutions that will empower MVNO companies.
The target OSS company acquisition is an example of the type of MVNO supporting technology solutions Ciao plans to acquire. The company has recently announced a similar target acquisition.
Management anticipates the approximate USD 1.2m in average annual revenue that comes with the target acquisition announced TODAY will rapidly ramp up exponentially as more frontier and emerging market MVNO's are signed in conjunction with Ciao's aggressive marketing campaign.
Ciao Telecom designs, manufactures, and sells telecommunications products and solutions for residential and commercial customers, and government agencies in the United States, Europe, the Middle East, and South America.
Target: Undisclosed telecommunications operational support system company
Buyer: Ciao Group
Deal size in USD:
Type: Corporate Acquisition
Buyer advisor: , ,
Comment: Terms of the deal were not disclosed
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|Publication:||M & A Navigator|
|Date:||May 11, 2017|
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