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TTI Telecom announces agreement to acquire Telesens LLC
TTI Team Telecom International, a global supplier of Operations Support Systems (OSS) to communications service providers, has announced today that it has signed a definitive agreement to acquire Telesens LLC, a software house headquartered in the Ukraine with a strong presence in the CIS (Commonwealth of Independent States) market.
Telesens, with an annual turnover of over $2 million and approximately 100 employees, has been developing, implementing and promoting software solutions and related professional services for the telecommunications market since 1998. Amongst Telesens' customers are Kievstar, Kazakhstan Telecom, UKR Telecom and MTS Ukraine.
The acquisition of Telesens is part of TTI Telecom's strategy to expand its sales platform within strategic territories, as well as to lower software development costs through offshore development and be better equipped to develop new products for growing markets.
"This acquisition is an excellent growth opportunity for TTI Telecom," said Meir Lipshes, CEO and Chairman of the Board. "Bringing Telesens onboard achieves two important goals for TTI Telecom, enlarging and enhancing our footprint in the CIS market and enabling us to provide more cost-effective and efficient software solutions to our customers worldwide through off-shore development. I believe that within the first year of the acquisition, we will see a positive contribution to our financial results."
Under the terms of the agreement, the aggregate purchase price is $ 2.7 million, subject to downward adjustments related to amongst other, actual 2007 annual turnover and certain performance parameters, and will be paid in cash over a three-year period. The acquisition is subject to customary closing conditions and is expected to close in mid-January 2008.
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