ValidSoft is delighted to announce the successful completion of its Q4-2016 management buy-out (MBO) that places the business under the new private ownership of VSFT Holdings Inc., (VSFT). This MBO, and the resultant corporate reorganization, led by Founder and Executive Chairman, Patrick M. Carroll, sees the company divested from Pareteum Corporation (NYSE American: TEUM) and marks a major turning point for ValidSoft, giving the company full autonomy and the key resources needed to deliver on its strategy and drive growth globally.
VSFT brings together a number of key individuals from the financial services and technology industries, providing a strong combination of expertise and resources that will provide strong foundations for the success of ValidSoft. As part of the MBO, VSFT have also agreed a significant strategic partnership with previous owners Pareteum, to continue to collaborate on a number of joint opportunities where ValidSoft’s voice biometric technology will provide Pareteum’s own technology with a competitive advantage.
Pat Carroll, Founder and Executive Chairman of ValidSoft said: “This marks a very significant step in the future of ValidSoft. Crucially it enables us to control our own destiny, and provides us the investment and resources necessary to deliver on our strategy and anticipated commercial success. We believe we now have the team andresources in place to take advantage of the major opportunities that we have available to us, moving beyond simply mobility markets.”
This deal marks a significant shift in the commercial strategy of ValidSoft, as the business looks to scale rapidly, across a range of geographies, utilising strategic channel partners. Further announcements will be made in the coming months as these strategic partnerships are finalised and the go-to-market strategy is executed.
VSFT Holdings, Inc. doing business as ValidSoft®. ValidSoft secures transactions using personal authentication and device assurance. ValidSoft enables its customers to enhance their security while improving their user experience, utilizing our multi-factor authentication platform, Voice Biometric engine and Device Trust technology, all of which may be used as 'stand-alone' or integrated into multi-vendor solutions. ValidSoft serves multiple clients across the financial services, government and enterprise sectors and is the only company to have been granted four European Privacy Seals, reflecting its commitment to strong data privacy.
For more information please visit: www.validsoft.com @ValidSoft
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to ValidSoft’s plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about ValidSoft’s industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of ValidSoft may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, ValidSoft also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward looking statements made here.