BSS vendor TEOCO has purchased OSS provider TTI Team Telecom International (TTI) for $58 million in cash.
TEOCO will pay $3.00 per share listed on the Nasdaq exchange, but this price may be adjusted to a minimum of $2.90 in the event TTI's cash balance is below an agreed upon amount.
TEOCO said it planned to meld TTI's employees, assets and products into its own umbrella over the next 12 months.
TTI chairman Meir Lipshes, explaining the justification for accepting the deal, said the company looked at the recent “series of acquisitions of smaller OSS companies [and] recognized the challenges of continuing an independent public company in a competitive and consolidating market.”
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