Veramark, a provider of telecom expense management (TEM) offerings, has acquired the enterprise TEM and consulting businesses of privately-held Source Loop, based in Alpharetta, Georgia.
Source Loop service capabilities acquired by Veramark include, a suite of professional and managed services for TEM, including telecom cost elimination programs, telecom assessments, sourcing, audits, benchmarking and network optimisation.
The company said that it has acquired Source Loop assets for $1.5m plus the issuance of up to 500,000 shares of the company’s $.10 par value common stock, both subject to adjustment based on financial performance measures.
Tony Mazzullo will continue to serve as president and CEO of Veramark. Daren Moore joins Veramark as senior vice president for telecom expense management services and Joe Foster joins Veramark as vice president for telecom expense management operations. Source Loop’s service delivery personnel and other key staff will also join the Veramark team.
Tony Mazzullo, CEO and president of Veramark, said: "This acquisition was completed to benefit our customers and is part of our continuous improvement efforts. Simply stated, the depth and breadth of the TEM services we offer our customers are greatly improved and our flexibility to serve our customers, now and in the future, is enhanced.
"Veramark’s revenue generated from telecom expense management and Business Process Outsourcing (BPO) services jumped 63% in the first quarter of 2010 from the same quarter of 2009. This is a positive sign that clients see value in the portfolio of services and technology. Our investments help assure that we continue to provide a high level of value to our clients."
