NEWARK, N.J.--(BUSINESS WIRE)--IDT Corporation (NYSE: IDT) announced today that its Board of Directors had instructed management to determine and pursue strategic alternatives to unlock the value in its Zedge subsidiary, including a spinoff or IPO of the Company. IDT intends to retain financial advisors to assist it in analyzing and executing on the best path.
Zedge is the world’s premier discovery platform offering free, high quality games, ringtones and wallpapers. Zedge’s app, available on Google Play and iTunes, has been installed more than 70 million times and has ranked in the “Top 15” in Google Play for three years running. Zedge offers a fully non-incentivized, scalable, distribution platform to advertisers, artists and developers seeking high quality customers. IDT owns approximately 83% of Zedge.
“We remain committed to providing Zedgers with a great discovery service that offers a personalized catalogue of free and relevant, quality games and personalization content, and this dedication has resulted in exceptional growth catapulting us to the top of the charts,” said Tom Arnoy, Zedge’s CEO and Co-Founder. “With access to growth capital we will be able to continue expanding our customer base, accelerating user engagement and innovating new and exciting offerings. Our experienced management team is excited by the prospect of getting the company to the next level and I am happy to have Jonathan Reich, our COO, on board considering his previous success in realizing value from IDT’s incubations.”
“Zedge is one of the untapped gems in our portfolio and is on track to become the de-facto standard for mobile content acquisition,” said Howard Jonas, IDT’s Chairman and CEO. “Zedge has an incredibly talented team, market leading position and outstanding technology. The marketplace does not currently provide fair value for Zedge within the IDT family, and we will find the right way to realize this worth for our stockholders.”
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent Form 10 filing (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-K, 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
About IDT Corporation:
IDT Corporation (NYSE: IDT) through its IDT Telecom division, provides telecommunications and payment services. IDT Telecom's retail products allow people to communicate and share resources around the world while its carrier services business is a global leader in wholesale voice termination. For more information, visit www.idt.net.
Zedge is the world’s leading destination for mobile phone consumers looking for free and relevant, high quality games, apps and personalization content - ringtones, wallpapers and alerts. Every month mobile consumers come to Zedge to download millions of games, apps, wallpapers, themes, ringtones and alerts to their feature phones, smart phones and tablets. Zedge is known for its great user experience, quality and diversity of content and supports virtually every device on the market today.
Zedge is headquartered in New York City and Trondheim, Norway with sales/business development and technology/product being driven from these respective locations. Zedge's investors include IDT Corporation (NYSE: IDT) – www.idt.net – and Shaman II.