GTL to buy Genesis Consultancy for USD 9 mn
Posted by dealcurry on October 19, 2006
From Myiris.com
October 19, 2006
GTL will be acquiring Genesis Consultancy, a UK based firm, through IGTL Solutions (UK), a 100% subsidiary of its international arm, International Global Tele-Systems (Mauritius). The acquisition is valued at USD 9 million in an all cash deal with 100% buy-out. It is expected to contribute significantly to GTL`s service offerings in network management and professional services and strengthen its presence in European market. Genesis enjoys strong relationship with Nokia networks for worldwide support and has presence in European, USA and APAC markets. The company provides network management and professional services to telecom operators and OEMs. For the calendar year 2006, Genesis` revenue is expected to be USD 14 million and is likely to grow at a rate of around 35% for calendar year 2007. The company has zero debt and around USD 1.9 million in cash.
