Financial Daily from THE HINDU group of publications
Thursday, Jan 19, 2006
Financial Daily from THE HINDU group of publications Thursday, Jan 19, 2006 |
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Info-Tech
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Mergers & Acquisitions Servion acquires 5by5 Networks Our Bureau
Chennai , Jan. 18 SERVION Global Solutions, a Chennai-based company that develops software solutions for the customer interaction management industry, today said it has acquired 5by5 Networks Inc, a privately-held technology company based in Milpitas, California. Mr K. Balakrishnan, Managing Director and CEO, Servion, who announced the acquisition at a press conference, however, declined to provide the money paid for the acquisition on the grounds that he was bound by a non-disclosure agreement. 5by5 Networks is into developing software solutions for customer interaction management and has developed products that converge legacy voice and data networks with existing and emerging devices. A few venture capital firms, chief among them being Athenian Venture Partners and GMG Capital Partners, have invested about $21 million in 5by5 Networks in researching and developing the products. Once the acquisition is completed, 5by5 Networks will be merged with Servion and the R&D centre in California will become Servion's. According to Mr Balakrishnan, the acquisition will be at a discount to the amount invested in 5by5 Networks by the venture capital firms. Servion will fund the acquisition through own funds and some equity that it raised recently. He said that 5by5 Networks' products had not been introduced into the market and Servion hoped to integrate the products with some of its own products and introduce them into the market as early as possible. According to a Servion press release, 5by5 Networks has developed next-generation contact centre technologies using Internet Protocol and SIP (Session Initiation Protocol) for managing and routing telephone calls, e-mails and faxes.
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