ECtel Shareholders Approve All-Cash Merger Transaction
with cVidya Networks
Transaction Expected to Close in Early January 2010
ROSH HA'AYIN, Israel, December 11, 2009 – ECtel Ltd. (NASDAQ: ECTX) (“ECtel” or the
“Company”), a leading provider of Integrated Revenue Management™ (IRM
) solutions for communications
service providers, announced today that at the extraordinary general meeting of shareholders held today, the
Company’s shareholders voted to approve the sale of the Company to cVidya Networks Inc. (“cVidya”), a
global leader in telecom revenue management, risk management, and dealer management solutions, by way of a
merger pursuant to the merger agreement dated October 22, 2009, in a cash transaction valued at $21 million
(less transaction expenses of approximately $430,000).
Approximately 70% of the outstanding shares of ECtel on the record date were cast in favor of the transaction.
The votes cast in favor of the transaction constituted 99.7% of the aggregate shares voted.
Upon the closing of the merger, which is expected to occur in early January 2010, each ordinary share of ECtel
issued and outstanding immediately prior to the effective time of the merger will automatically be converted into
the right to receive payment in cash which, excluding interest and less any applicable withholding tax, is currently
expected to be approximately US$1.26. Following completion of the merger, ECtel will become a privately held
company, indirectly wholly owned by cVidya.
The consummation of the merger is subject to a 30-day statutory waiting period following shareholder approval
and the satisfaction of certain other conditions to closing set forth in the merger agreement.
ECtel (NASDAQ:ECTX) is a leading global provider of Integrated Revenue Management™ (IRM ® ) solutions
for communications service providers. A pioneering market leader for nearly 20 years, ECtel offers carrier-grade
solutions that enable wireline, wireless, converged and next