Openwave Systems Inc. (Nasdaq: OPWV), a global software innovator and the inventor of the mobile internet, announced today the sale of its Location business to a subsidiary of Persistent Systems Ltd. (BSE & NSE: PERSISTENT), a leader in outsourced software product development (OPD) services. Specific financial terms of the deal were not disclosed. “We have achieved the first milestone in our strategic initiative to divest Openwave of its product businesses. We are pleased with the sale of our Location business to Persistent Systems, a longstanding development partner of ours, and we are committed to a smooth transition for our location customers and employees,” said Mike Mulica, CEO of Openwave. “We continue to believe in our ability to drive toward the execution of our strategic plan for our market-leading mediation and messaging product lines, as we continue to focus on our intellectual property business and drive long-term profitability.” Openwave will make further disclosures regarding its strategic alternatives process as, and when, a specific transaction is approved by the Board of Directors or it is otherwise determined that further disclosure is appropriate or required by law. About OpenwaveOpenwave Systems Inc. (Nasdaq: OPWV) is a global software innovator and the inventor of the mobile internet. Openwave established many of the foundational patents that allow mobile devices to connect to the Internet. Over the years, the company has built a patent portfolio of approximately 200 patents covering many innovations spanning smart devices, cloud technologies and unified messaging. Today Openwave provides all-Internet Protocol (all-IP) mediation and messaging solutions that enable communication service providers to create and deliver smarter services. Building on its mobile data heritage, Openwave mobilizes the Internet with data-driven solutions that comprehensively enhance IP traffic and increase the value of the mobile network. Openwave arms its customers with a 360-degree view of network activity plus the tools to help them proactively optimize network resources ( Congestion Control), react to user behavior with smarter data plans and services ( Price Plan Innovation), and deliver a contextually relevant messaging experience ( Converged Messaging). Openwave is a global company with a blue chip customer base spanning North America, Latin America, Australia and New Zealand, Asia, Africa, Europe, and the Middle East. It holds Openwave is headquartered in Silicon Valley, California.
Shares of Openwave Systems (Nasdaq:OPWV) were gapping down Friday morning with an open price 12.3% lower than Thursday's closing price. The stock closed at $2.84 yesterday and opened today's trading at $2.49.