June 30, 2009

ERICTEL ACQUIRED 60 PER CENT OF THE SHARE CAPITAL OF OWASYS.

A new telecommunications project has thus began, where both companies will join forces.

• During the last week of June 2009 ERICTEL and OWASYS reached an agreement through which ERICTEL acquired 60 per cent of the share capital of OWASYS. ERICTEL has not only become a partner of OWASYS but it will also participate in the management of the company.
• The aim of this merger is to consolidate the overall competitive position of OWASYS both on a national and international level and to consider new routes to future joint development.
• Erictel was founded in December 1997 as an official distributor of Ericsson in Spain, and it has specialised in the execution of projects for Business Communication Systems.
• Ever since it was founded in 2002, OWASYS has developed and it is owned of various communications platforms on which it has built a wide product portfolio for telemetry, telecontrol, and so on and so forth.

Last week, and after a-seven-year operation as a stand-alone entity, OWASYS merged with ERICTEL. Therefore, ERICTEL now retains 60 per cent share in the new incorporated joint venture, whereas Capital Risk Societies hold 16 percent share, and private partners hold the remaining 24 per cent.

Owasys was founded in July 2002 with the economic participation of its shareholders, who were originally from the Ericsson BTC-Bilbao Technology Centre. Ever since Owasys has developed and it is owner of various communications platforms with short and long range on which it is possible to develop any kind of communication technologies.  On these platforms Owasys has built a wide product portfolio for fleet management, automotive, industrial segments, telemetry, telecontrol, and so on.

In 2008, OWASYS started the search of a suitable business partner that could enable them to invest in the business so as to consolidate their position internationally. The process culminated last week’s acquisition of OWASYS by ERICTEL.

In the other side, Erictel was founded in December 1997 and up to date it has a resounding success both in the Spanish and Latin American market and has consolidated as a Premium Partner of Ericsson. In July 2008 ERICTEL sold part of the business to Unitronics and then decided to embrace new projects in the telecommunication sector.

Now, a year later, ERICTEL has embarked on this new business venture with their first acquisition, the purchase of shares in Owasys.

The common nexus between OWASYS and ERICTEL is the Swedish Company Ericsson.  This common thread, together with the fact that they share the same forward-looking approach to business models and developments, have helped them embark on this new project, whose business plan will be developing over the next few months.

With a deep knowledge of products, markets, international distribution networks and customer integral service, both OWASYS and ERICTEL have now set this ambitious, but realistic goal in their endeavour to gradually consolidate a powerful telecommunications company with extensive global presence, to meet the current and emerging needs of today’s market.

For further information contact: maite.ruffo@owasys.com

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