2007-08-24

Birdstep aquires VoiceRoaming Technology

~ Oslo/Stockholm/Seattle/Cambridge – August 24, 2007
Birdstep Technology ASA has signed an agreement to acquire the Norwegian company VoiceRoaming Technology AS. The company provides solutions for mobile Voice over IP.

Birdstep has signed a share purchase agreement to acquire VoiceRoaming Technology AS for a total consideration of NOK 31 million in Birdstep shares at a share price of NOK 12.19 a share, equal to the average share price 30 days prior to signing. Birdstep own 55% of the company and will thus pay NOK 14 million in Birdstep shares for the remaining 45%.

VoiceRoaming Technology AS was established in the third quarter 2006 as a joint venture between Birdstep Technology and the Norwegian venture capital company TeleVenture Management Invest AS. The purpose was to set up a dedicated company solely focusing on the development of mobile Voice over IP products. TeleVenture Management Invests 45% ownership was later transferred to Mobyson AB. VoiceRoaming Technology AS will now be fully integrated in Birdstep.

“Now when the mobile Voice over IP products are ready, it is good timing to integrate the organisations and utilise the synergies in core competence and product design”, says Petri Markkanen, CEO Bidstep Technology.

In addition, we are pleased to have Mobyson Holding AS join our journey by becoming shareholders in Birdstep, continues Petri Markkanen.

“We fully support the integration of the companies and we are excited about becoming shareholders in Birdstep Technology, says Rune Rinnan of Mobyson AB”