TORONTO, May 8, 2017 /CNW/ – Redknee Solutions Inc. (“Redknee” or the “Company”) (TSX: RKN) announces key services agreements that will accelerate the Company’s previously announced Strategic Plan, which is aimed at creating a strong platform for long-term growth, simplified operations, and sustained profitability. The Company has entered into short term services agreements with Crossover Markets Inc. (“Crossover”) and DevFactory FZ-LLC (“DevFactory”) to provide cross functional and specialized technical services for a period of six weeks. Each of Crossover and DevFactory is an affiliate of ESW Capital, LLC.
“We are intensely focused on creating market leading products and ensuring we deliver customer success,” said Danielle Royston, CEO, Redknee. “These agreements will enable us to expedite the implementation of our Strategic Plan while ensuring minimal disruption to customer projects during our transformational period. We will be better able to deploy resources strategically to key areas of the Company. With the support of the Board and its partners, we are confident that we will be able to successfully implement the necessary changes to re-align Redknee for growth and profitability, ensuring we drive customer success and deliver returns to our stakeholders.”
In reviewing the services agreements, the independent directors engaged KPMG to share leading practices for 3rd party services agreements including but not limited to contract terms and conditions, governance, service levels, and retained organizational roles. To further implement the Strategic Plan, the independent directors are considering longer term arrangements with Crossover and Dev Factory and have requested KPMG to provide observations on such arrangements. In addition, the independent directors have engaged independent advisors to assist in their consideration of financing options to fund the Strategic Plan.
Redknee monetizes today’s digital world. We provide a complete portfolio of mission-critical monetization and subscriber management solutions and services that allow communications service providers to charge for things in new and innovative ways. Redknee’s real-time billing, charging, policy and customer care offerings provide the agility and scalability to drive a unique user experience, increase profitability and support any new product or business model. Available on premise, cloud-based, or as a Software-as-a-Service, Redknee’s low-risk, flexible solutions power more than 250 communication service providers across the globe. Established in 1999, Redknee Solutions Inc. (TSX: RKN) is the parent of the wholly-owned operating subsidiary Redknee Inc. and its various subsidiaries.
References to Redknee refer to the combined operations of those entities. For more information about Redknee and its solutions, please go to www.redknee.com.
SOURCE Redknee Solutions Inc.