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ISM Connect to sell Smart Retail Assets to Smith Micro Software for $9.8 millionDOYLESTOWN, Pa., Dec. 20, 2018 /PRNewswire/ -- Smith Micro Software, Inc. (NASDAQ: SMSI) announced that it has entered into a definitive agreement to acquire the assets of ISM Connect, LLC's Smart Retail product suite. The powerful Smart Retail platform enables wireless carriers and retailers to bring interactive demos that deliver consistent, targeted and secure content, including messaging and advertising campaigns to smart phones and tablets. Smart Retail will be a substantial augmentation to Smith Micro's business and a logical addition to a product line that targets wireless carriers. Pursuant to the terms of the transaction, Smith Micro will acquire the assets of ISM Connect's Smart Retail product suite for a purchase price of approximately $9.8 million, consisting of $4 million payable in cash and $5.8 million payable through the issuance of Smith Micro common stock. Derick Schaudies of Leonis Partners, a New York based full-service advisor, served as the lead advisor to ISM for the transaction. "We believe SMSI will be acquiring a strong business unit of very passionate, hardworking individuals that will contribute to their goals," said Kent Heyman, CEO of ISM Connect. "As we look forward to 2019, the transaction will enable us to redeploy capital to help build our best-in-class fan actvation platform, growing core networks with partners such as Minor League Baseball and NASCAR, as well as new opportunities to create technology solutions for high-value venues." For more detail on the transaction and how it benefits Smith Micro's business, view here. About ISM Connect About Smith Micro Software, Inc. Contact: Brian Becker, (862) 221-2135, [email protected] View original content to download multimedia:http://www.prnewswire.com/news-releases/ism-connect-to-sell-smart-retail-assets-to-smith-micro-software-for-9-8-million-300769874.html SOURCE ISM Connect |