DALLAS, TX -- (Marketwired) -- 07/29/14 -- Ciao Group Inc., (OTCQB CIAU), today announced that it has acquired Evermobile ST, Ltda., a privately-owned company that delivers innovative high-performance, secure, enterprise class software solutions for the mobile world. The Evermobile organization, based in Sao Paulo, Brazil, will become a new business unit of Ciao Technology, Ltda. also based in Sao Paulo.
Marco Garib the founder and CEO of Evermobile will be joining Ciao as the CTO of Ciao Group, Inc. Mr. Garib will be leading all of Ciao's global technology and telecom initiatives.
"Evermobile is a company that shares our vision of the coming convergence of communications and computing," said Eugenio Santos, President and CEO at Ciao Group Inc. "This acquisition will allow us to solve a range of concerns and problems that many businesses have with the architecture, development and implementation of today's mobile applications. The Evermobile Frameworks architecture is designed for how people want to build their enterprise class mobile applications now - high-performance, highly secure, cost effective and easily implementable across a variety of mobile platforms."
"Ciao is a strong technology player with proven solutions for global enterprises," said Marco Garib, President and CEO of Evermobile. "There is great synergy between our visions, corporate strategies, technologies, and employees. We share Ciao's desire to deliver high performance and secure mobile solutions."
"According to industry analysts, the Enterprise Mobile Application market is expected to grow significantly over the next 5 years," continued Santos. "Evermobile's exciting product line and the Frameworks architecture integrates perfectly with Ciao's own MVNO product palette. The Ciao Group will further strengthen its mobile offer for both consumers and businesses with this acquisition. It will also open an important client base for Ciao and will lead to a quick internationalization of the innovative technology Evermobile has developed. More importantly, this acquisition will allow Ciao to branch-out into one of the fastest growing software sectors and to further expand its operating margins."
The acquisition terms are for the exchange of shares. Ciao Group Inc. will exchange approximately 12.5 million of its common shares for all of the outstanding shares of Evermobile. The acquisition is expected to be accretive to Ciao Group, Inc. earnings beginning in the second half of 2014.
Ciao Group Inc., (OTCQB: CIAU) is an innovative communications company which serves a wide range of markets. Many organizations depend upon Ciao to understand, optimize and consolidate their mobile IT infrastructure. Ciao delivers new and innovative software solutions that overcome legacy application limitations and deliver increased productivity and cost effectiveness.
Additional information is available about Ciao Group Inc. and the products and services provided by Ciao subsidiaries and affiliates at http://ciaotelecom.com.
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