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Wesley Clover Enters Into Support Agreement for Sale of Bridgewater Systems to Amdocs Limited

^{Published on 2011-07-06 13:36:16 - Market Wire}
 

OTTAWA, July 6, 2011 /CNW/ - Bridgewater Systems (TSX: BWC), ("Bridgewater") the global leader in intelligent broadband controls, announced on June 17, 2011 that it has entered into a definitive agreement to be acquired by Amdocs Limited (NYSE: DOX) through a plan of arrangement for C$8.20 per share in cash, valuing the Company at approximately C$211 million. The agreement is subject to Bridgewater shareholder approval, regulatory approval and other closing conditions and is expected to close within approximately 90 days. 


Terry Matthews, Chairman of Wesley Clover and Bridgewater, provided the seed financing.  Bridgewater has traded on the Toronto Stock Exchange since 2007.  Terry Matthews and Wesley Clover have either directly or indirectly founded over 80 companies, the majority of which have either performed an Initial Public Offering or have been successfully acquired.

Bridgewater has also announced that the directors, senior officers and certain institutional shareholders of Bridgewater (including Wesley Clover), holding together approximately 39.4% of the issued and outstanding common shares of Bridgewater, have entered into support agreements.

About Wesley Clover
Wesley Clover is in the business of building businesses. With active interests in networking and telecommunications, digital media, real estate and leisure properties, Wesley Clover has an outstanding and enviable track record in creating new companies and making strategic investments in high-growth industries.  Our current technology investments, in both public and private companies, address 4G wireless evolution and IP and unified communications. As an angel investor in new technology start-ups, Wesley Clover has developed a unique model that leverages the many decades of experience and knowledge of a veteran management team while creating career and business opportunities for selected college and university graduates as well as experienced professionals.  For more information, please visit [ www.wesleyclover.com ].

About Bridgewater Systems
Bridgewater Systems, the leader in intelligent broadband controls, provides pre-integrated solutions for mobile and converged operators to transform their networks, optimize mobile data growth, and innovate with new services. The Bridgewater portfolio of carrier-grade products includes Service Controller (AAA), Policy Controller (PCRF) and Home Subscriber Server (HSS), anchored by a common identity and device management system. More than 150 leading service providers worldwide leverage Bridgewater to create and deliver profitable services to consumer, enterprise, cloud and machine markets. For more information, visit us at [ www.bridgewatersystems.com ].

Wesley Clover and the Wesley Clover logo are registered trademarks of Wesley Clover Corporation.  All other trademarks remain the exclusive property of their respective owners.