Brite Voice Systems Completes Merger with Telecom Services Ltd.

Strategic Insights -

Brite Voice Systems, a leading provider of voice processing systems, has completed its merger with Telecom Services Ltd. (TSL), a company specializing in outsourced telecommunications management. The merger, approved by Brite's shareholders yesterday, involves the issuance of 3,331,000 shares of Brite common stock for all of TSL. This acquisition strengthens Brite's position in the market and enables cross-selling of products and services between TSL and Brite customers. Under the agreement, TSL becomes a division of Brite, with Alan Maltz, formerly president of TSL, leading the new division as executive vice president.

Key Takeaways:

  • The merger involves the issuance of 3,331,000 shares of Brite common stock for all of TSL.
  • TSL becomes a division of Brite under the agreement, with Alan Maltz as executive vice president.
  • The merger will enable cross-selling of products and services between TSL and Brite customers.
  • TSL has an impressive customer list, including banks, financial institutions, brokerage firms, government organizations, universities, and other large telecommunications services users.
  • The company provides computerized systems for managing, monitoring, allocating and controlling telecommunications expenses.
  • TSL also manages telecommunication vendor relationships and verifies the accuracy of billing statements.
  • Brite now has approximately 11,431,000 shares outstanding.
  • Brite worldwide employment stands at about 560, including 80 employees at TSL.
  • Principal offices for the TSL division will remain in New York, San Francisco, and Parsippany, N.J.

Statistics:

  • 3,331,000 shares of Brite common stock were issued for all of TSL.
  • Brite now has approximately 11,431,000 shares outstanding.
  • Brite worldwide employment stands at about 560, of which 80 are from TSL.
  • The merger is expected to enable cross-selling of products and services between TSL and Brite customers.
  • TSL provides outsourced telecommunications management for large companies, including banks, financial institutions, brokerage firms, government organizations, universities, and other large telecommunications services users.

Sources:

  • Brite Voice Systems, "Brite Announces Merger with Telecom Services Ltd.," August 9, 1995.
  • "Brite to Acquire Telecom Services, August 9, 1995 (results from search).