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PAETEC Software to Acquire Assets of Formula Telecom Solutions

TMCnews Featured Article


December 14, 2010

PAETEC Software to Acquire Assets of Formula Telecom Solutions

By Anil Sharma, TMCnet Contributor


PAETEC (News - Alert) Software Corp., PAETEC's wholly-owned subsidiary, signed a definitive agreement to acquire the entire assets and assume certain liabilities of Formula Telecom Solutions, Inc., a wholly-owned subsidiary of FTS, in a $13 million all-cash transaction.


The purchase is expected to close in late December of 2010.

PAETEC is a national communications carrier in the United States that provides voice and data solutions to business-class customers. FTS (News - Alert) Inc.'s Leap RevChain is considered one of the strongest billing platforms in the telecommunication industry and has been PAETEC's primary billing system since its inception in 1998.

Officials with PAETEC said that upon the closing of this transaction, the Leap RevChain billing system will be the heart of the new RevChain Solutions division of the company. The RevChain Solutions division expects to continue investing in the development of high performance invoicing solutions for businesses, institutions and carriers.

"We've been using the Leap RevChain billing system for over 12 years. Acquiring the system and its loyal development and support teams not only protects our supply chain, but also offers us an opportunity to continue to innovate the product and grow revenue to the benefit of all Leap RevChain customers," said Robert Moore, executive vice-president and chief information officer of PAETEC, in a statement.

“Our customers tell us that we have the simplest and most useful invoice in the industry, primarily due to the power and capabilities of Leap RevChain," said Moore.

Amos Sivan, CEO of FTS said that PAETEC was always a great customer of FTS Inc.

"They have clearly seen the potential in the Leap RevChain solutions and we're delighted that they will be building on the great work we have done. This deal is a testament to the hard work and dedication of the great team we built at FTS Inc.," said Sivan.

The sale of FTS Inc.'s assets is evidence of FTS' ability to successfully work in new markets and to make highly successful solutions for the billing industry.

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Anil Sharma is a contributing editor for TMCnet. To read more of his articles, please visit his columnist page.

Edited by Jaclyn Allard







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