Asurion Merger Complete
DST Systems, Inc. Subsidiary Lock/Line Merges With Asurion Following DOJ and Regulatory Approvals
SINGAPORE 5 January 2006 - Asurion Corporation announced Wednesday its merger with lock/line, a subsidiary of DST Systems, Inc., has received approval from the U.S. Department of Justice and other regulatory clearances. The merger officially closed on 1 January 2006.
The merger brings together two leading companies that provide specialty insurance and other marketing services for the wireless telecommunications and technology industries. The company will offer insurance, warranty, roadside assistance and enterprise managed mobility solutions for wireless carriers and their customers. Additional product lines to include over-the-air data backup solution for wireless carriers in the U.S., Canada and Asia.
The newly combined organization will continue as the Asurion Corporation. The combined company has approximately 4,500 employees, over 45 million subscribers worldwide and projected 2006 revenues in excess of US$1 billion.
Kevin Taweel, who co-founded Asurion in 1994, will remain as Chairman of the new company. Bret Comolli will continue in his role as CEO. Chuck Laue, the President of lock\line prior to the merger, will serve as President of North America operations reporting to Bret Comolli. Daniel Currie will remain as President and CEO for Asurion's Asia Pacific operations.
"The continued success of the company can truly be contributed to all of the employees of our new merged company. It is because of their dedication to service and quality that this was possible," said Bret Comolli, CEO of Asurion. Our merger has received the necessary approval and it will result in tremendous benefits for ourwireless and telecom partners, subscribers, and employees.""Combining the resources of two leading companies and creating the new Asurion will add even greater weight to our expansion in Asia, allowing us further support to exceed expectations of wireless carriers in the region. By merging our "best in class" services, we will enhance our offerings while simultaneously investing in the development of new and expanded products and services for the future," said Daniel Currie, President and CEO of Asurion Asia Pacific.
About Asurion Asia Pacific
Asurion is the leading provider of mobile protection services to the wireless telecommunications industry with solutions that include handset insurance and data backup to help mobile operators generate additional revenue, reduce costs and improve customer satisfaction. Our wide-ranging expertise includes customer contact, distribution, risk management, product development, repair, reverse logistics and field support. Asurion has the scale and the scope to deliver unsurpassed quality of service. We have over 5,000 employees worldwide and works with operators such as NTT DoCoMo, Korea Telecom Freetel, Cingular,
T-Mobile and Verizon Wireless to serve millions of subscribers.
For more information, please visit www.asurion.com.sg.