VoltDelta completes merger with LSSi
NEW YORK – September 21, 2007
NEW YORK--(BUSINESS WIRE)--Volt Information Sciences, Inc. (NYSE: VOL) (the Company) announced today that its wholly owned subsidiary Volt Delta Resources, LLC, has completed the merger of a VoltDelta subsidiary with LSSi Corp. The newly merged entity, known as LSSi Data, is a wholly owned subsidiary of VoltDelta. Merger consideration was approximately $70 million in cash, subject to final adjustment based on LSSi Corp’s working capital as of the closing date.
The merger brings together two of the world’s leading providers of directory data and information services. VoltDelta offers both hosted and customer-premises directory assistance, operator services, data management, and information service solutions to the global telecommunications marketplace. LSSi Data develops and markets highly accurate, telephony-sourced national databases of telephone listings, and has important expertise in managing high-volume daily updates to very large directory databases. Both companies have many years’ experience providing leading-edge solutions to similar customers, ranging from major wireless and wireline carriers to enterprise customers, including specialized vertical industries such as collection agencies, direct marketing companies, online media, and many others.
“There is terrific synergy in this merger,” said Joe DiAngelo, President of VoltDelta. “The two companies have highly compatible industry experience and bring with them a number of high-leverage capabilities. For example, LSSi’s extremely accurate directory assistance databases and information services integrate perfectly with VoltDelta’s speech automation services and web-based and call center information solutions. The merger will also allow VoltDelta directory assistance customers to have global access to 24 international databases.”
The combination of the two companies creates significant new capabilities. “This move will accelerate the introduction of enhanced database solutions such as wireless databases. It will also allow us to expand the delivery of important directory database services to non-traditional channels, both in the U.S. and around the world,” said DiAngelo. “The merger gives us outstanding leverage to better serve and grow our U.S. and European data markets in important areas such as business information, speech automation solutions, and hosted directory enquiry systems. It will have a significant impact on the breadth and quality of our services.”
Morgan Joseph & Co. Inc. acted as advisor to the Company with respect to the transaction.