RingGo announces the acquisition of iControl Mobile Payments 29th October 2010

RingGo Inc, has entered into agreements to acquire all of the substantive assets of iControl Mobile Payments LLC. for an undisclosed sum.  The consideration is payable in cash and will be settled out of existing resources.
iControl Mobile is one of the most successful of the recent US start-ups in the emergent field of phone parking.  It has operational contracts both on the East Coast and in the central rust belt of America.  Existing management will continue to run the business.

Harry Clarke, Commercial Director of RingGo, said: "iControl Mobile is an important acquisition for RingGo and a useful stepping stone by which to bring our world class phone parking solution into the US market.  Our leadership of the UK market prompts us to seek to serve new territories and North America has for some time been one of our preferred choices. We are delighted to have secured this deal with iControl and are pleased too that the majority of customer-facing iControl employees are transferring too."

RingGo will benefit from

    * Continued association with the established iControl Mobile payments brand;
    * Immediate entry into the developing US market;
    * The transfer of an established sales pipeline;
    * Adoption of a number of operational US reference sites
    * A proven management team:  Amie Devero will continue to be the Managing Director of the company.

Commenting on this deal, Tal J Zlotnitsky, Chief Executive Officer of iControl Systems USA, said: "I am proud to have founded and led the Mobile division through its formative stages.  The logic of bringing together RingGo's proven technologies and world class references with our market knowledge and sales success was compelling. I know that the iControl Mobile brand is in good hands and look forward to its future successes."  


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