Mergers and Acquistions News
Categories: Software
June 15th 2011, 10:31AM
Mobile network company Ericsson has revealed this week that it plans to spend $1.15 billion (£702.4 million) in cash for US group Telecordia, in a bid to help it manage a fast rise in data and services.
The Swedish company has said it expects an explosion in data over the next few years, with bosses predicting there will be 50 million devices connected to the internet by 2020. It hopes that this competitive move will help it rise to the challenge and stay ahead of the game with regards to the new demands.
Chief executive Hans Vestberg said: "We will definitely be a leader in many of the different domains here. We see this as one of the areas which has portfolio momentum."
The deal, which will see Telecordia's 2,600 employees absorbed by Ericsson, was announced on Tuesday.
Telecordia provides mobile, broadband software and services to over 800 companies across 55 companies, according to the company website.
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