CounterPath Closes Acquisition of FirstHand Technologies
CounterPath Corporation, a leading provider of multimedia VoIP softphones and SIP applications, today announced that it has closed its acquisition of FirstHand Technologies Inc., an innovator in extending enterprise telephony features to smart phones and dual-mode handheld devices over WiFi and cellular networks.
On closing, CounterPath acquired FirstHand in exchange for 29,500,000 shares of CounterPath's common stock. FirstHand contributed approximately $6 million in cash to the combined entity. FirstHand's former investors, including Covington Capital, Skypoint Capital Corporation, BDC Capital Inc. and Venturelab Partners, collectively own approximately 23% of the common shares of CounterPath.
CounterPath will combine its suite of softphone and server applications with Fixed Mobile Convergence solutions from FirstHand to enable its carrier and enterprise customers to deploy an integrated solution that extends communications from the personal computer to most major mobile devices.
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