TeleCommunication Systems Inc. said it received the necessary shareholder and regulatory approvals to complete its acquisition of privately held Xypoint Corp.
Under terms of the agreement, Xypoint shareholders received 4.2 million shares of TCS class A common stock.
Shortly following the announcement, shares of TCS increased more than 32 percent to $9.13, where it was holding steady at RCR Wireless News press time.
“With this acquisition, we are immediately capable of enhancing mobile messaging by blending Xypoint’s location technology and voice capabilities with existing TCS messaging products,” said Maurice B. Tose, TCS chairman and chief executive officer.
The combined company will offer products and services that enable wireless carriers to provide two-way text messaging, e-mail, prepaid billing and location-enhanced and E911 services, TCS said.
