Mergers and Acquistions News
Categories: Telecoms, IT Services & Consulting, Software
June 11th 2010, 18:16PM
TEOCO Corporation a market leader in providing cost management solutions to communications service providers worldwide has announced a merger with and TTI Team Telecom International.
In a deal worth $58 million (£40 million), TEOCO will acquire TTI Telecom for $3 (£2) a share from both ordinary and preferred shareholders in an all-cash transaction.
Atul Jain, chairman and chief executive officer of TEOCO Corporation welcomed bringing TTI's employees, assets and solution into the TEOCO fold.
"This combination brings together two industry leaders whose solutions contribute greatly to increasing the profitability and success of global communications service providers," he explained.
In a statement, TEOCO said that the merger would allow the company to build on its success in North America and offer increased value to communications service providers across the globe.
It highlighted value for money, expertise and financial strength and flexibility as key benefits from the merger deal.
TTI recently announced its quarterly results to the end of March 2010, attributing increased operating costs to the strength of the dollar compared to the euro.
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