PE-backed Verisae closes buy of ViryaNet

Verisae, which is backed by Marlin Equity Partners, has completed its acquisition of ViryaNet. According to terms of the deal, ViryaNet shareholders will receive $3.19 in cash for each ordinary share they hold. Also, the stock will be delisted and stop trading. Headquartered in Westborough, Mass., ViryaNet is a provider of mobile workforce management solutions.

PRESS RELEASE

WESTBOROUGH, Mass.–(BUSINESS WIRE)–ViryaNet Limited (OTCQB: VRYAF), a leading provider of software solutions that optimize and allow for the continuous improvement of service processes for mobile workforces, announced today the completion of its previously announced acquisition by Verisae, Inc. (“Verisae”).

The acquisition agreement was first announced on June 10, 2014 and the transaction closed and became effective today.

ViryaNet shareholders will receive $3.19 in cash for each ordinary share held by them as of the effective time of the merger, less any applicable withholding taxes. As a result of the completion of the merger, the ordinary shares of ViryaNet will be deregistered under the Securities Exchange Act of 1934 (the “Exchange Act”) and will no longer be quoted on the OTCQB. ViryaNet will cease filing reports pursuant to the Exchange Act, and ViryaNet expects no further trading in its ordinary shares after the close of business on August 26, 2014.

As a result of the acquisition, ViryaNet will become a strategic business unit of Verisae, a privately held company backed by Marlin Equity Partners. Verisae is 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.

About Verisae
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.

About ViryaNet
ViryaNet 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’s G4 products specialize in the functions of scheduling and dispatching resources and enabling mobile field communication and are delivered in industry specific configurations. Embedding industry best practices and utilizing innovative technologies like ViryaNet’s BPM Blueprint for Mobile Workforce Management™, Microsoft InfoPath® and device agnostic mobile solutions enable ViryaNet’s products to be rapidly deployed and extended to support virtually any business process across a wide range of industries. ViryaNet is proud to call many of the world’s leading utilities, the United States’ largest pure rural telecommunications firm, the supermarkets’ most respected retailer, and North America’s largest auto insurer as customers. 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. For more information visit our website or follow us on twitter.

 

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