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TMCNet: Software co eWave buys OptimizeIT: eWave bought the company from BOS Better Online Solutions.

[July 26, 2009]

Software co eWave buys OptimizeIT: eWave bought the company from BOS Better Online Solutions.

Jul 26, 2009 (Globes - McClatchy-Tribune Information Services via COMTEX) -- Sources inform "Globes" that Israeli software and integration group eWave Ltd. is acquiring OptimizeIT, a subsidiary of BOS Better Online Solutions Ltd. (Nasdaq: BOSC; TASE:BOSC). The size of the deal has not been disclosed, although market sources believe similar acquisitions have been for several million dollars.

OptimizeIT has developed an automatic software utilization tool giving the ability to transfer software licenses from one user to another based on actual license usage.

BOS's annual report in March shows that the company reached an agreement of intent to sell OptimizeIT for $70,000, and an additional amount which could reach $1.5 million, depending on milestone achievements. BOS itself acquired OptimizeIT in October 2007 for $170,000.

As part of the eWave Group, OptimizeIT will be managed as an independent company under a new name, SoftWatch. BOS's current CTO Oded Fruchtman will become SoftWatch's CEO.

eWave Group, which develops IT and integration systems for internal organizational management has 250 employees and its customers include Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA), Bezeq Israel Telecommunications Company Ltd. (TASE:BZEQ) unit Pelephone Communications Ltd. and Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL).

Fruchtman said that the OptimizeIT's products have been sold to major companies in Israel for the past year and the major challenge ahead is to penetrate overseas markets. This influenced the decision to be acquired by eWave, which has the ability to distribute products through its subsidiaries.

To see more of the Globes or to subscribe to the newspaper, go to http://www.globes-online.com. Copyright (c) 2009, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

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