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Story Box-ID: 47934

iPass Deutschland GmbH Wiener Platz 7 81667 München, Germany http://www.ipass.com
Contact Detlev Henning +49 89 80090814
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iPass Deutschland GmbH

iPass übernimmt GoRemote

(PresseBox) (Redwood Shores, CA., and Milpitas, CA, )
iPass Inc., und GoRemote Internet Communications, Inc., führende Anbieter von Breitbanddiensten für Unternehmen, haben eine Übereinkunft zur Übernahme von GoRemote durch iPass erzielt. Die Übernahme erfolgt durch eine Bar-Transaktion im Wert von ca. 76,5 Millionen US-Dollar.

Die komplette Meldung , aus Günden der Aktualität, im amerikanischen Original:


iPASS TO ACQUIRE GOREMOTE

Completes Suite of Broadband Services for Enterprises

Redwood Shores, CA., and Milpitas, CA., December 12, 2005 — iPass Inc. (Nasdaq: IPAS), and GoRemote Internet Communications, Inc. (Nasdaq: GRIC ), leading providers of enterprise broadband services, today announced an agreement for iPass to acquire GoRemote in an all-cash transaction valued at approximately $76.5 million.

While iPass primarily serves roaming mobile users such as salespeople and business travelers, GoRemote is a leader in the major market segments of remote workers that iPass does not already serve directly – teleworkers and employees in home offices, branch offices and retail locations to which GoRemote primarily provides managed broadband services. GoRemote’s worldwide enterprise customer base, which includes Forbes Global 2000 companies such as Novartis, Merrill Lynch, Schering-Plough and Bridgestone-Firestone, complements iPass’ existing roster of enterprise customers, which includes 276 of the Forbes Global 2000. This combination will extend iPass’ reach across all the major segments of the global enterprise market for secure Internet connections for traveling and remote employees.

“Enterprise customers increasingly have been demanding a single source of secure broadband for all their mobile and remote employees worldwide. As a result of this acquisition, iPass will have the answer with a complete suite of broadband services,” said Ken Denman, Chairman and CEO of iPass. “The acquisition will position iPass as a leader in the large and rapidly-growing markets for telecommuter and remote office broadband segments as they transition to Internet- based solutions. Further, we expect to realize immediate and significant cost savings as well as operational and technological synergies.”

“The acquisition will enable the combined company to accelerate GoRemote’s current plans to penetrate new market segments by providing secure managed broadband services for retail locations and branch offices,” said Tom Thimot, GoRemote’s President and CEO. “The combination of iPass and GoRemote also creates an attractive opportunity to cross-sell iPass’ endpoint security and systems management services into GoRemote’s installed customer base.” Mr. Thimot added, “GoRemote’s technology will position iPass to better serve home and branch offices that are expected to utilize emerging wireless broadband and mesh networks in the future.”

Integration

The management teams are developing an integration plan that will be designed to take advantage of the companies’ many similarities, including similar virtual network models, compatible technology platforms and information systems. iPass has successfully integrated two other acquisitions in the past 12 months, Mobile Automation and Safe3w. Several key members of the team responsible for GoRemote’s repositioning in the last 18 months will continue with iPass, including Mr. Thimot, who will lead the iPass sales team as the Senior Vice President of Worldwide Sales.

“Enterprises have been making it clear to us that they want financially strong partners with a broader suite of services than we can offer as a standalone company. The combined company will be able to offer enterprise customers a seamless ‘best of breed’ software platform supported by iPass’ strong balance sheet, technology and brand,” said Mr. Thimot. “Adapting that model to our business can create a winning situation. Our team is proud of successfully transforming GoRemote into a leader in managed virtual broadband services.”

“As broadband access to the Internet becomes more secure, reliable and affordable, enterprises are shifting from private networks to Internet-based communications and demanding that all of their remote and mobile Internet access be unified into a convenient and universal service,” added Mr. Denman. “This acquisition will position iPass to deliver this value to the enterprise market.” In October 2005, IDC estimated that the mobile workforce will increase from 650 million worldwide in 2004 to more than 850 million over the next five years, and that mobile workers will represent more than one quarter of the global workforce by 2009.

Cost Savings

iPass anticipates achieving significant cost savings and cash flow improvements in GoRemote's operations. iPass also intends to benefit from GoRemote’s investment in engineering and operations in Bangalore, India.

In addition to eliminating redundant positions, iPass plans to convert GoRemote to its lower-cost infrastructure, systems, architecture and processes.

iPass expects the transaction to be accretive to Non-GAAP earnings per share beginning in the first full quarter following the closing of the transaction.

Acquisition Details

Under the terms of the definitive agreement, which was approved by both companies’ boards of directors, at the closing of the transaction iPass will pay $1.71 per share in cash for each share of common stock outstanding and $3.37 per share in cash for each share of Series A Preferred Stock outstanding for a total cash consideration of approximately $76.5 million. iPass’ offer of $1.71 per share of common stock outstanding represents a premium of 23% for GoRemote’s common stockholders, based on the market closing price of $1.39 on December 9, 2005.

The closing of the acquisition is subject to the approval of GoRemote’s stockholders, regulatory approvals and other closing conditions specified in the merger agreement. Assuming those conditions are satisfied, iPass expects the acquisition to be consummated by the end of the first calendar quarter in 2006. Certain directors, officers and stockholders of GoRemote who own in the aggregate approximately 17.6% of GoRemote’s outstanding shares have agreed to vote in favor of the transaction.

Credit Suisse First Boston LLC acted as financial advisor to iPass, and Cooley Godward LLP provided legal counsel. Jefferies Broadview, a division of Jefferies & Company, Inc., acted as GoRemote’s financial advisor, with Fenwick and West, LLP as legal counsel.

Conference Call

iPass will host a public conference call to discuss the transaction today at 7:30 a.m. PST. The call will be webcast on iPass’ web site at http://investor.ipass.com and on GoRemote’s web site at http://www.goremote.com/.... A taped replay will also be available for two weeks following the date of the call. The dial-in numbers for the replay are 1-888-286-8010 (U.S. and Canada) and 1-617-801-6888 (international). The ID number for the replay call is 85455280.

iPass Deutschland GmbH

iPass hilft Unternehmen, das Management mobiler Geräte und Verbindungen zu vereinheitlichen. Mit Hilfe von iPass-Software und -Services können Unternehmen für ihren Außendienst sowie für Heimarbeitsplätze Breitband-Lösungen realisieren, die einfach zu nutzen sind. Das Angebot schließt eine Sicherheits-Validierung der Verbindung sowie eine einheitliche Rechnungsstellung ein. Das iPass-Angebot wird über das führende globale Netz, eine Management-Plattform sowie den preisgekrönten Software-Client des Unternehmens umgesetzt. Hunderte von "Global 2000" Firmen vertrauen den iPass-Angeboten, darunter General Motors, Nokia und Reuters. Das 1996 gegründete Unternehmen hat seinen Hauptsitz in Redwood Shores, Kalifornien und Niederlassungen in den USA, Europa und Asien. Der deutsche Firmensitz befindet sich in München. Weitere Informationen finden sich unter www.ipass.de.

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The publisher indicated in each case (see company info by clicking on image/title or company info in the right-hand column) is solely responsible for the stories above, the event or job offer shown and for the image and audio material displayed. As a rule, the publisher is also the author of the texts and the attached image, audio and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.