Truphone, a UK-based VOIP company, has acquired the business assets of UK SIM card maker SIM4Travel. The sale price includes Gbp1.343 million in cash and Gbp1.3 million in Truphone shares. Truphone has raised over $24 million in VC funding from firms like Eden Ventures and Wellington Partners Venture Capital.
The Board of SIM4travel are today pleased to announce the sale of its business assets to Truphone. Included in the sale is the transfer of all staff to ensure business continuity and to leverage the full value of the assets.
The transaction comprises of Gbp1.343m in cash for outstanding loans and creditors with a further consideration of Gbp1.3m in Truphone shares.
SIM4travel Holdings plc will be retained to develop shareholder value by exploring new technologies and
Truphone is a privately-owned UK technology company, founded in 2000 and funded by a mixture of private investment and venture capital. Truphone enables mass market mobile phones to make free and low cost calls via the internet.
Paul Buck, SIM4travel's Managing Director said: “By integrating the technology, platform and distribution assets of SIM4travel with the resources and technical expertise of Truphone, the directors of SIM4travel believe that significant shareholder value can be created. Truphone will be well positioned to offer customers new and compelling propositions in low cost, feature-rich global communications.”
James Tagg, Truphone's CEO, said: “This completes Truphone's GSM core network, allowing us to offer global mobile operator services. We're already enabling customers to make low-cost Wi-Fi calls and soon we'll be able to provide the added convenience of low-cost GSM calls too, all on a single, worldwide, Truphone SIM.”
Truphone is the trading name of Software Cellular Network Ltd. (SCN)