Truphone Buys Sim4Travel

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.

 

PRESS RELEASE

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
market opportunities.

 

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)