Lightyear + Wherify = An Interesting Combo

Ours is not to reason why, ours is to tell you Lightyear’s buying Wherify.

A CLEC plus a GPS technology company? Curious.

The deal, announced Wednesday, means Lightyear Network Solutions LLC will go public and Wherify Wireless LLC (WFYW) will do away with its debt. The strategy behind the pairing remained unclear.

Terms weren’t disclosed although one of the conditions is that the companies will secure $15 million in new equity capital, restructure debt and convert Wherify’s preferred stock.

Lightyear President and CEO Sherm Henderson also will serve as head of Wherify.

Sources

Silicon Valley/San Jose Business Journal: Wherify, Lightyear plan merger

BusinessFirst: Lightyear merging with California company