NEW YORK-MDSI Mobile Data Solutions Inc., based in Richmond, British Columbia, went public in the United States Nov. 26 with an offering of 1.725 million shares of common stock at $14.88 each.
MDSI stock, which traded on the Montreal and Toronto stock exchanges prior to last week’s debut in the United States, now also trades on Nasdaq. UBS Securities L.L.C., New York, lead managed the offering.
Established in 1993, MDSI produces wireless connectivity software and related network and mobile computing equipment. “When used in conjunction with public and private wireless data communications networks, MDSI’s products provide comprehensive solutions for the automation of business processes associated with the scheduling, dispatching and management of a mobile work force,” said the preliminary prospectus for the stock sale. “In addition, these products enable the company’s customers to communicate cost-effectively with their mobile workers, while simultaneously enabling the mobile work force to interface with their corporate information systems on a real-time basis.”
In the telecommunications market, MDSI identified these companies as its primary competitors: Architel Systems Corp., Arrowsmith Technologies Inc., Bellcore, Computer Sciences Corp. and Lucent Technologies Inc.
Part of the proceeds from last week’s stock sale will help finance two MDSI acquisitions made within the last year: TelSoft, a British Columbia company that wholly owns Service Systems International Ltd., a Kansas company that specializes in providing field service management software; Spectronics, a United Kingdom company that supplies wireless, computer-aided dispatch systems for the delivery industry in Europe, the Middle East and the Asia-Pacific region.
