Gores Technology Group Completes Acquisition of Wire One Technologies, INC.
September 24, 2003
Gores Technology Group ("GTG"), a privately held international acquisition and management company, announced today that through an affiliate, it has acquired Wire One Technologies, Inc.'s ( Nasdaq: WONE ) videoconferencing hardware and services business.
The acquired business, which has been renamed Wire One Technology, Inc. ("Wire One"), is the recognized leader in videoconferencing integration. Wire One's nationwide direct touch sales and engineering staff work with customers to provide video communications solutions that include equipment, installation, test and aftermarket maintenance. Wire One's IP transition leadership helps companies develop and implement effective video communications networks that deliver enhanced value to its customers and positions the company to provide strategic leadership in the evolution of the industry.
"Wire One represents GTG's second major investment in the visual communications industry. Wire One brings a significant installed base with 3,000 active customers and 22,000 systems, a nationwide direct touch sales and engineering staff and full installation and after market service offering encompassing all vendor platforms. As well, all technical staff are highly skilled in IP network technologies. These strengths provide an ideal base to both grow a profitable business and provide leadership in the future as the industry evolves to new network platforms," said James MacKenzie, Group President of Gores Technology Group.
"We are excited about the transaction and GTG's reputation for leadership and resources to evolve Wire One," said Leo Flotron, President of Wire One Technology, Inc. "We are confident that with GTG support and leadership we can continue to deliver value to our customers in making videoconferencing an essential business tool. We expect a seamless transition to GTG for both our customers and partners."
About Gores Technology Group
With headquarters in Los Angeles, Gores Technology Group (GTG) is a privately held international acquisition and management firm that pursues an aggressive strategy of acquiring promising high-technology organizations and managing them for growth and profitability. GTG has a successful track record of acquiring and managing companies -- including many divisions acquired from large publicly traded companies -- through its commitment to customers, employees and continued development of intellectual property. GTG has acquired and managed approximately 40 interrelated but autonomous technology-oriented companies with locations throughout the world. Those companies provide a broad range of technology-based products and services to a substantial customer base representing millions of active users worldwide.
About Wire One Technologies
Wire One Technology is a leading end-to-end videoconferencing solutions provider committed to delivering better, faster, and more cost effective video communications solutions. Wire One offers customers videoconferencing and network products from leading manufacturers such as Polycom, Accord, TANDBERG, Cisco, RADVISION, Sony, VCON and VTEL. Wire One also provides a comprehensive suite of video, data and network services including design, installation, bridging, streaming, on-site and remote technical assistance, training, engineering and after-market maintenance. Wire One's current customer base includes more than 3,000 customers with approximately 22,000 videoconferencing endpoints in the commercial, federal and state government, medical and education marketplaces nationwide and across the globe. (www.wireone.com)