Yes...this portends well for 3-4 quarters hence, which is when the revenue starts to hit. My hunch is that you may get a GREAT buying opportunity shortly after Q-2 as all the weak hands fell from an OK, but not great quarter. In the meantime they are paying 4-5% for you to wait for the goodies to come home.
If the deal were to close right now, the 30 day volume-weighted price for ATT is around $34.60, so 1.905 shares of ATT + $28.50 in cash would be given. At today's close that is $94.05; however depending on exactly when the deal closes, remember that ATT is over 80% "pregnant" with its dividend of $.47....If the deal were to close on the day after the stock goes ex-div (7/8 is the ex-div date) and the price were to be at today's close (34.41)...then the stock would be at $33.94 and the exchange would drop to $93.15 so be careful!!!!!
SNCR is already valued at a much higher multiple than EVOL (and they are MUCH, MUCH larger and also into some different aspects of activation, such as providing the collateral "free" storage for major domestic carriers upon activation etc.)...however the fact that they might sell themselves at an even higher price shows how seriously undervalued EVOL is. Clean balance sheet, strong free cash flow, with minimum Capex and large, motivated inside shareholder could see this one on the block also and it would go for $14-$15 if the Cash Flow multiples were the same as SNCR is implying.