TTI Team Telecom International Ltd. (Nasdaq: TTIL) has been sold to TEOCO Corporation. "Globes" reported last month that the US company was negotiating to buy TTI at a value of $50-60 million. In the end, the purchase price was set at $58 million, or $3 per share, representing a 24% premium over yesterday's closing price of the stock on Nasdaq.
TEOCO is a private company located in Virginia. It produces software for communications solutions providers. TTI develops software solutions for operating and monitoring communications networks.
TTI was founded in 1992 as a subsidiary of Team (now Malam-Team), controlled by Shlomo Eisenberg. It was later spun off. Eisenberg currently holds directly and indirectly through Arad and Malam-Team approximately 25% of TTI.
In 2009, TTI had revenue of $16 million, a decrease of 16% compared with 2008, but its bottom line showed improvement, and the company switched to a net profit of $2.7 million. TTI is headed by Meir Lipshes, and employs about 350 people.
Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2010
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