BRIEF: Comverse sells Starhome to Fortissimo for 80.3m
Aug 05, 2012 (Menafn - Globes - McClatchy-Tribune Information Services via COMTEX) --Comverse Technology Inc. CMVT has sold wholly-owned subsidiary Starhome BV to Fortissimo Capital for 80.3 million in cash. The sale is due to close in October 2012.
Barclays Capital brokered the sale, which was carried out at a value of 54 million for Starhome's operations.
Starhome provides roaming services and network optimization suites for mobile carriers to improve their profit margins.
Fortissimo managing partner Yuval Cohen said, "Fortissimo sees great value in Starhome because of its leading technologies, reputation among its target customers, and diversity of products, including products under development. We believe that we can lead rapid growth in the company's business by expanding its customer base and developing and selling new products to new and current customers."
Starhome CEO Eitan Achlow said, "Fortissimo, as an investor in Starhome, will make it possible to accelerate the company's growth and realize the potential of its technological edge, position as a leader in the roaming sector, and its excellent and longstanding ties with its customers."
Comverse's share price rose 3.8 percent on Nasdaq on Friday to 5.54, giving a market cap of 1.2 billion.
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