Smith Micro Completes Acquisition of Family Safety Mobile Business from Avast
Summary
PITTSBURGH--(BUSINESS WIRE)--Smith Micro Software, Inc. (“Smith Micro” or “ the Company”) (NASDAQ: SMSI) today announced that it has completed its previously announced acquisition of Avast plc’s Family Safety Mobile business. With this acquisition, Smith Micro obtains Avast’s portfolio of mobile family safety services including location features, content filtering and screen time management, cementing Smith Micro as a market leader in delivering mobile family safety software solutions to wireless carriers. Pursuant to the terms of the transaction, Smith Micro paid an aggregate purchase price of approximately $66 million, excluding customary purchase price adjustments, to Avast on completion in a combination of cash and Company issued stock. The Smith Micro portfolio also includes a wide range of products for creating, sharing and monetizing rich content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set. Among the important factors that could cause or contribute to such differences are: our continued customer concentration and ability to establish and maintain strategic relationships with customers and manufacturers; our ability to retain key personnel; possible harm to our business from future security and privacy breaches; effective operation with operating systems; devices and networks that we do not control; the existence of undetected software defects in our products; competition in our industry and the core vertical markets in which we operate; changes resulting from or relating to the ongoing COVID-19 pandemic; the rapid technological evolution in our market; risks inherent with international operations; compliance with applicable laws and regulations; our ability to protect our intellectual property and operate without infringing on the intellectual property of others; any failure to meet the continued listing requirements of NASDAQ; our ability to continue to raise adequate capital; maintaining ongoing profitability; ability to continue as a going concern; changes in operating income due to shifts in our sales mix and variability in our operating expenses; our reliance on third-party intellectual property and licenses; the difficulty of predicting our quarterly revenues and operating results; fluctuation in our stock price, including as a result of the announcement and completion of the Avast acquisition; the dilutive impact of potential equity offerings; potential non-accretive impacts of the Avast acquisition; and unexpected changes in our financial position or results of operations following the Avast acquisition.
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