Diversinet Acquires DSS Software Technologies
Strategic Acquisition Gives Diversinet Increased Revenue, Expanded Access to Key Customers and Improved Strength in U.S. Market
Toronto, CANADA- December 18, 2002 – Diversinet Corp. (NASDAQ SmallCap: DVNTC), a leading provider of secured mobile solutions and services, today announced it has acquired DSS Software Technologies for a combination of cash payments, earn-out positions and warrants to be made and earned over a three-year period.
DSS, a systems integration provider headquartered in Fremont, California, provides technical consulting services to financial, enterprise and technology companies such as Cisco Systems, Lucent, Oracle, Sun Microsystems and Wells Fargo in the areas of systems integration, software development, and Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) implementation. Founded in 1996, DSS has grown to annual revenue of $12 million and has been profitable each year of operation.
The addition of DSS’ services suite enhances Diversinet’s ongoing strategy to provide greater depth and breadth in its product/service offering. Combined, DSS and Diversinet’s technical and industry expertise offers integrated solutions and full services offering.
“DSS is a systems integration company with tier one customers,” said Nagy Moustafa, President and CEO of Diversinet. “Our acquisition of DSS is expected to strengthen our position in the U.S. through expanded access to key customers and the addition of a comprehensive line of services that will help us to better address rapidly growing demands for security in the telecommunication and enterprise markets.”
“I am excited about the potential growth opportunity for Diversinet,” said Atul Parikh, Founder and President of DSS. “The synergies between our two companies provides Diversinet with the infrastructure and capabilities to expand into new markets and a unique opportunity to deliver products and services that meet the specific needs of enterprises.”
INVESTOR AND ANALYST TELECONFERENCE CALL
Diversinet’s executive team will hold a teleconference call Thursday, December 19, 2002 at 8:30 a.m. ET to discuss the acquisition. Institutional investors and analysts should contact Sandra Lemaitre, Diversinet Corp., at 416-756-2324, ext.324 for the dial-in-number. Investors are encouraged to listen to the live call from the home page and investor relation’s portion of the Company’s Web site: www.diversinet.com.
About DSS Software Technologies
DSS Software Technologies is a systems integration company serving businesses nationwide with the most highly skilled and professional software consultants in the industry. Its consultants work in IS/IT departments for a wide variety of companies performing critical functions such as systems integration, software development, and Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) implementation. For more information visit: www.dsssoft.com
About Diversinet Corp.
Diversinet is a leading software developer of advanced security infrastructure solutions for both wired and wireless terminals such as personal computers, mobile phones, PDAs and smartcards. Diversinet’s client/server security software facilitates digital signatures, authentication and encryption with products specifically designed to perform optimally in wireless environments and resource-constrained devices. In October of 2001, Diversinet enabled the launch of the first public Certification Authority in the world to offer mobile individual and business digital certificates for consumer use. For more information visit www.diversinet.com