Xora and Gearworks Merge to Create Global Leader in Location-based Mobile Business Applications <\/p>\n
Combined Company Serves More Than 16,000 Customers in Partnership with the World\u2019s Leading Wireless Carriers<\/b> <\/p>\n
MOUNTAIN VIEW, Calif. \u2014 August. 12, 2009 <\/b>\u2014 Xora and Gearworks, the two leaders in location-based mobile business applications today announced that they have joined forces. The combined company will retain the Xora name and emerges as the clear leader in the location-based mobile business application market, servicing more than 16,000 customers deployed across the world\u2019s leading wireless carriers. <\/p>\n
The combined company will have the broadest wireless carrier distribution footprint in the industry, including partnerships with Sprint Nextel, Verizon, AT&T, Telstra, US Cellular, Cbeyond, and Procall. In addition to wireless carrier partnerships, Xora is the leading provider of location-based mobile time clock and data collection solutions for companies that offer TLM (Time and Labor Management) and Payroll services. The combined product portfolio will consist of Xora\u2019s GPS TimeTrack\u00ae suite of products and Gearworks\u2019 Field Force Manager\u00ae, etrace\u00ae, OnCare\u00ae and Appmosphere\u00ae offerings. <\/p>\n
The transaction puts Xora in an ideal position to continue to capitalize on the growing market for handset-based mobile resource management applications globally, and especially in North America, where the market is expected to reach 5 million subscribers and more than $1 billion in annual recurring software revenue by 2015 according to Frost & Sullivan, a leading industry analyst firm that tracks mobile and wireless communications. <\/p>\n
\u201cThe Xora-Gearworks merger is exceptionally well-timed to give the company pole position in the burgeoning market for handset-based mobile resource management solutions,\u201d states Jeanine Sterling, senior industry analyst, mobile and wireless communications, Frost & Sullivan. \u201cWith the most extensive product offering, spanning off-the-shelf to customizable mobile applications, and the broadest carrier coverage in the industry, the new Xora\u2019s capabilities are top-tier and should be highly valued by customers of all sizes, as well as by wireless carriers seeking to deliver such applications to their business customers.\u201d <\/p>\n
\u201cThis combination brings together two recognized leaders in the industry that share a common vision and desire to bring powerful tools to businesses that want to improve their operational efficiency,\u201d states Sanjay Shirole, co-founder and CEO of Xora. \u201cBy measures critical to our long-term success, including growth and diversification of revenues, product portfolio, channel partnerships and customer support capabilities, this merger is a big win not only for us, but also for the customers and partners of the new combined company.\u201d <\/p>\n
As part of this transaction, venture investors from both companies, including Dawntreader Ventures, BlueStream Ventures, Split Rock Partners, and Rho Ventures all have made additional equity investments totaling $8.5 million dollars. In addition, Patrick Wack, former CEO and currently Chairman of Intralinks, a pioneer in the Software-as-a-Service space will join the Xora Board of Directors. <\/p>\n