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Pivot Renames Itself Zultys Technologies |
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Written by Adam Gosling
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Tuesday, 14 November 2006 |
Pivot VoIP, the company that acquired
the assets of Zultys, has now dropped its own name and taken on the persona of
its acquisition target.
Zultys Technologies is back, albeit with new management. But
the "key" intellectual property, and complete product portfolio is still there,
the (approx) US$45 million debt incurred by the start up is not.
Well not all of it.
Pivot VoIP, was a takeover vehicle formed
by Israeli PBX manufacturer Telrad Connegy and a handful of Zultys engineers
to get hold of the company without founder Iain Milne. Using Telrad's money,
Pivot acquired what was left of Zultys at a bankruptcy auction for US$2.65
million, plus the assumption of "certain debt obligations".
Telrad Connegy owner and Chairman Avi Weinrib will assume
the role of President and CEO of the newly reorganized Zultys.
The goal is to "ensure smooth business continuity" and "strive
to maintain its high standing and solid reputation moving forward by stepping
up partner relations with resellers and distributors alike to ensure their
satisfaction".
"We are very excited about the future of Zultys and its
product line and have full faith in the engineering team and the technology.
Our actions clearly give Zultys a fresh start. With over 50 years of
traditional telecom experience, we will guide the next phase of evolution with
the use of its modern IP technologies. Both Telrad Connegy and Zultys
Technologies will coexist independently of each other serving parallel market
niches," Weinrib said.
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