Newspaper article THE JOURNAL RECORD

Broken Arrow-Based Xeta Buys Hotel Technology Company

Newspaper article THE JOURNAL RECORD

Broken Arrow-Based Xeta Buys Hotel Technology Company

Article excerpt

Xeta Technologies is growing its presence in the hotel room.

Xeta said on Wednesday it purchased privately held, New York- based Hotel Technology Solutions Inc.

Hotel Technology, which does business as Lorica Solutions, uses its technology to view and manage hotel operations through Internet networks.

No financial terms were disclosed in the purchase. The transaction is expected to close by July 31, which is the end of Xeta's third quarter. Lorica, which employs less than 20 people, will maintain its current location in Buffalo, N.Y., said Greg Forrest, Xeta CEO.

"These are highly technical folks that are specialized in their skill sets," Forrest said. "It does not matter where they are physically located. We will maintain their facility in Buffalo."

Xeta stock on Wednesday fell 13 cents on the Nasdaq, closing at $3.67. The shares traded in a range between $3.67 and $3.85 during the day. During the past 52 weeks, Xeta stock has traded between $2 and $3.99. Volume was 27,500 shares, nearly four-and-a-half times the daily average of 6,121 shares.

On April 19, Xeta signed a letter of intent to purchase Pyramid Communications Services Inc. No financial details were disclosed, but Xeta did report that the privately held, Dallas-based company ended 2009 with revenues in excess of $10 million.

That purchase, Xeta's second within a month, expands Xeta's portfolio of services, Forrest said.

"We are continuing to add to our technology suite," Forrest said. "With the voice, call accounting, high-speed Internet access, we are bundling more applications."

Both acquisitions are consistent with Xeta's strategy to consolidate regional and local business partners with significant integration, maintenance and repair service franchises, Forrest said.

The distinction between the two deals is that Pyramid is similar to Xeta, Forrest said. …

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