Following its recent acquisition of Purple Labs SA, Myriad Group AG (formerly Esmertec AG) has announced that the integration of the two companies and the realization of the targeted synergies are both on schedule, with the majority of the consolidation to be completed mid-2009.
“In its first eight weeks, the new Myriad Group has moved rapidly towards a single integrated organization, to make full use of our distribution strength, increased scale and efficiencies across the entire Group,” said Simon Wilkinson, Myriad Chief Executive Officer. “We are finding significant cost savings and have already begun to realise our target of $13 million of synergies in optimising staff resources and aligning them within common facilities, processes and infrastructure.”
As a result of the Purple Labs integration, Myriad will record a one-time charge of approximately $6 million in the first half of 2009. Myriad Group is organised and will report results in two business segments: Device Solutions - provided to leading manufacturers of mobile phones and other devices, which includes the Java products originally developed by Esmertec, the mobile phone software acquired from Sagem in late 2008, and the Purple Labs portfolio; and Mobile Services Platforms - which includes the company’s customer self care solutions already provided to more than 30 mobile network operators.
“The new organisation will enable Myriad to better serve customers in both of these segments,” commented Wilkinson. “We now have about 700 software engineers committed to developing and delivering outstanding mobile software, which will open new opportunities for revenue growth.”
Myriad will release a Q1 2009 business update on June 2, 2009.
Myriad Group
