Worldwide Financial Holdings announced today that it has executed a letter of intent to acquire privately held Israeli mid-market CRM software producer International Software Development (ISD).
Worldwide Financial says that as part of the deal, ISD shareholders will transfer all outstanding shares of the company to Worldwide Financial. In exchange for their shares, Worldwide Financial says ISD's shareholders shall receive control of Worldwide Financial and, consequently, the management and board of directors of ISD will replace Worldwide Financial's current management.
According to Larry Schreoder, spokesman for Worldwide Financial, the two companies are in advanced stages of negotiations to sign a definitive agreement and it is anticipated that a definitive agreement will be signed and executed within a few days.
"We are confident that becoming a publicly traded company will allow us to penetrate new potential markets and reach new clients," says ISD CEO Moti Maram. "We came a long way and are confident that this merger will allow us to keep increasing our profitability, as well as providing shareholder value to our investors."