FAIRPORT, N.Y. and Herzliya, Israel | December 28, 2010 | PAETEC Holding Corp. (NASDAQ GS: PAET), a FORTUNE 1000 company, and FTS Ltd. (LSE: FTS), a global provider of billing, customer care and policy control solutions for communications and content service providers, announced the completion of the sale of assets and certain liabilities of Formula Telecom Solutions, Inc., a wholly-owned subsidiary of FTS, to PAETEC Software Corp, which was originally announced on December 10th, 2010.

The acquisition includes the Leap RevChain billing system which PAETEC has been using to deliver its invoices to customers for over 12 years.  PAETEC announced that the Leap RevChain product will be renamed, “RevChain” and will become part of the newly formed RevChain Solutions division of PAETEC Software Corp.

"We are thrilled to have Shaul Ganel and his team launch RevChain Solutions today as a division of PAETEC Software,” said Robert Moore, PAETEC executive vice president and CIO.  “RevChain is one of the strongest telecom and B2B billing solutions available today.  We plan on not only accelerating its innovation and development as part of PAETEC Software, but will maintain RevChain’s well-deserved reputation for world-class customer service.”

“PAETEC will benefit from both a powerful billing platform and a great team,” said Amos Sivan, FTS’ CEO. “We are proud of the work we have done at FTS Inc., and we will now continue our focus on delivering innovative and flexible billing and policy control solutions.”

FTS will continue to offer solutions that will assist leading carriers to increase both revenues and customer satisfaction, as well as use their BSS as an enabler to drive the creation of new products and services.