|[June 10, 2014]
Verisae to Acquire ViryaNet: Expands its Capabilities for Mobile Workforce Management
MINNEAPOLIS --(Business Wire)--
Verisae, Inc. ("Verisae"), the leading global provider of the Connected
Facility - the integrated software platform that combines maintenance,
machine to machine monitoring, energy, and sustainability software
solutions into one - today announced the signing of a definitive
agreement to acquire ViryaNet (News - Alert) Ltd. (OTC QB: VRYAF) ("ViryaNet").
Headquartered in Westborough, MA, ViryaNet's mobile workforce software
solutions optimize and allow for the continuous improvement of service
processes for companies with mobile workforces.
"ViryaNet is a strategic acquisition to Verisae's family of cloud
software products," stated Jerry Dolinsky, Chief Executive Officer of
Verisae. "Our customers require a mixed model of leveraging internal and
external mobile workforces to service their facilities and assets. By
adding ViryaNet's comprehensive mobile workforce capability to our
end-to-end facility platform, our customers will have the ability to
improve the productivity of their mobile workforce."
Currently, over 35,000 service companies use Verisae's SaaS (News - Alert) software
when servicing Verisae's customers in more than 20 countries. The
acquisition of ViryaNet will enable Verisae to offer its mobile
workforce capability to those service companies as well as to Verisae's
customers, enabling both service companies and facility owners to
improve their efficiencies and lower the cost of delivering service.
Combining Verisae's deep-rooted domain in cloud software for asset
management, energy, sustainability, and machine to machine monitoring
with ViryaNet's mobile workforce solutions will allow the combined
companies to better understand and support the needs of the market
throughout the entire spectrum of the service supply chain. Verisae will
continue the growth in its integrated solution, and is uniquely
positioned in its ability to integrate traditionally siloed data across
distributed facilities into its single solution. The company plans to
continue developing new capabilities ahead of the market and on behalf
of ViryaNet and Verisae customers alike.
"The acquisition is an exciting opportunity to continue our mobile
workforce management journey and deliver innovative solutions that
empower service organizations to achieve their business goals," stated
Memy Ish-Shalom, President and Chief Executive Officer of ViryaNet.
"Together with Verisae we are better positioned to accelerate the
delivery of our joint vision, which will benefit our employees,
customers, and future growth."
ViryaNet will become a strategic business unit of Verisae. The ViryaNet
team will stay intact, and its solutions and development resources will
be expanded. Subject toregulatory approvals, Verisae expects the
transaction to close in fiscal Q3 of 2014.
delivers mobile workforce management solutions that intelligently guide,
automate, and optimize both simple and complex field service work,
resulting in measurable business benefits. ViryaNet's products,
pre-packaged solutions and people are recognized within the industry as
innovative, which in turn enables its customers to be viewed as leaders
within their respective industries. ViryaNet has strong partnerships
with leading platform and system integration companies that enable it to
have a global presence. Headquartered in Westborough, MA, ViryaNet has
additional offices in the United States and Israel.
Verisae is a leading provider of SaaS
solutions that manage asset and equipment maintenance, energy usage and
environmental efficiency and compliance for companies in the grocery,
specialty retail, and food service industries. Verisae offers
cloud-based solutions that are simple, integrated, mobile, and operate
on an open API technology platform - The Connected Facility. Verisae
currently has a network of more than 150,000 registered users managing
in excess of three million assets at more than 50,000 sites in North
America, Europe, and Asia. For more information, please visit www.verisae.com.
Any statements contained in this
communication that do not describe historical facts may constitute
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
include statements that are predictive in nature, which depend upon or
refer to future events or conditions, which include words such as
"believes," "plans," "anticipates," "estimates," "expects," "intends,"
"seeks" or similar expressions. Forward-looking statements are based on
current expectations about future events and are subject to risks,
uncertainties and assumptions. Factors that could cause actual future
results to differ materially from current expectations include, but are
not limited to, the possibility that the transaction may not close on
schedule or at all; the risk of competing offers; and the possibility
that various closing conditions for the transaction may not be satisfied
or waived, including that a governmental entity may prohibit, delay or
refuse to grant approval for the consummation of the transaction. You
should not place undue reliance on forward-looking statements, which are
based on current expectations, since, while Verisae believes the
assumptions on which the forward-looking statements are based are
reasonable, there can be no assurance that these forward-looking
statements will prove accurate. All forward-looking statements included
in this communication are made as of the date hereof and, unless
otherwise required by applicable law, Verisae undertakes no obligation
to publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise.
In connection with the proposed
transaction, ViryaNet intends to mail a proxy statement to its
shareholders and furnish a copy of the proxy statement with the SEC (News - Alert) on
Form 6-K. Shareholders of ViryaNet are urged to read the proxy statement
and the other relevant material when they become available because they
will contain important information about ViryaNet, the proposed
transaction and related matters. Shareholders are urged to carefully
read the proxy statement and other relevant materials when they become
available before making any voting or investment decision with respect
to the proposed transaction. The proxy statement (when available) may be
obtained for free at the SEC's website at www.sec.gov.
In addition, the proxy statement will be available, without charge, at
ViryaNet's website at www.viryanet.com.
This press release is neither a solicitation of proxy, an offer to
purchase nor a solicitation of an offer to sell shares of ViryaNet.
Additional information regarding the interests of participants in the
solicitation of proxies in connection with the proposed transaction will
be included in the proxy statement that ViryaNet intends to furnish to
the SEC on Form 6-K.
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