Positions Smith Micro in the Growing eCommerce Market and Strengthens the Company's Internet Offerings
Aliso Viejo, CA - - Smith Micro Software, Inc. (Nasdaq: SMSI), a leading worldwide developer and marketer of Internet communication software, today announced that it has acquired Pacific Coast Software, a San Diego-based developer, service provider and marketer of eCommerce and other custom software solutions for businesses.
Terms of the Acquisition
Smith Micro issued 1.0 million shares of its common stock as consideration for the purchase, which was accounted for as a pooling of interests. Pacific Coast Software will become a wholly owned subsidiary of Smith Micro. Further terms of the acquisition were not disclosed.
"The addition of Pacific Coast clearly positions us in the growing field of eCommerce and supports our continuing focus on offering Internet related technologies, services and products," said William W. Smith, Jr., President and CEO of Smith Micro. "The acquisition allows us to penetrate this significant market while diversifying our current business model and enhancing our overall Internet capabilities," said Mr. Smith. "Pacific Coast's products, consulting and Web store hosting services help businesses easily build and operate secure, web-based storefronts, allowing customers to take advantage of the Internet as a sales, marketing and distribution medium for their products and services.
"Our long-term strategy focuses, in part, on broadening our Internet offerings, and we see this acquisition as a good opportunity to leverage our expertise and experience in providing customers with value added, web-based capabilities. In addition, as owners of Internet storefronts continue to look for ways to make their sites stand apart from the crowd, we expect an increase in the use of Internet telephony and video on these sites," commented Mr. Smith. "Because Smith Micro is a leader in providing these applications to Internet users, through our Internet CommSuiteTM and conexs.comTM products, we expect to be able to enhance Pacific Coast Software's current offerings. In addition, the strong relationships we've built with a wide range of distribution partners will help us effectively market Pacific Coast's eCommerce products and services. These relationships will allow us to pursue additional marketing opportunities for the eCommerce product line, including product bundling through OEMs and retail sales in the aftermarket."
"Pacific Coast's offerings substantially reduce the start-up costs and amount of time and knowledge required to launch an online store, permitting customers to publish a catalog and sell products online without investing substantial amounts of capital," said Jay Van Vark, President of Pacific Coast Software. "We are extremely excited to be a part of Smith Micro to further enhance the products we can offer to our customers."
"Adding Pacific Coast to our family further strengthens our commitment to bringing high quality products and services to the Internet community and related markets," concluded Mr. Smith.
About Pacific Coast Software
Pacific Coast Software provides one of the most powerful solutions for Internet commerce. The company's WebCatalogTM product allows customers to easily design an online storefront, with quick 5- minute installation and multiple storefronts from which to choose. Its WebMerchantTM product works in conjunction with WebCatalog to provide automated credit card payment and authorization, order notification and electronic delivery information to an online storefront owner. Pacific Coast provides web hosting for its eCommerce customers, as well as consulting services that provide a turnkey approach from concept to site launch. Mr. Van Vark, as well as other principals from Pacific Coast Software, will remain with Smith Micro.
Pacific Coast's customer base includes Ben and Jerry's, the Pillsbury Dough Boy Shop, the NCAA Final Four and the Museum of Television and Radio.
About Smith Micro
Headquartered in Aliso Viejo, California, Smith Micro is a leading developer and marketer of software products that make communications simple. With a focus on the Internet, broadband and modem-based technologies, the company designs integrated, easy-to-use software that enables fax, data, voice and video communication to personal computer users around the world. Smith Micro's complete line of products is available through direct sales, retail stores, value-added resellers (VARs) and original equipment manufacturers (OEMs). Smith Micro's common stock trades on The Nasdaq Stock Market®under the symbol SMSI. For more information, contact Smith Micro at 949/362-5800. For more information on Pacific Coast Software visit www.pacific-coast.com.
This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are economic, competitive, governmental and technological factors effecting the company's operations, markets, products, services and prices, as well as, other factors detailed in the company's filings with the Securities and Exchange Commission including its recent filings on Forms 10-K and 10-Q.
Smith Micro, the Smith Micro logo, Internet CommSuite, conexs.com, WebCatalog and WebMerchant are trademarks or registered trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective companies.