Sources inform "Globes" that TTI Team Telecom International Ltd. is set to implement a wave of layoffs. A number of executives have already received letters informing them that they have been fired and it is expected that the layoffs will total 15% of the company's work force - about 40-50 people.
The changes at TTI, based in Rosh Ha'ayin and managed by Eitan Naor, are being implemented after the company was acquired for $58 million by TEOCO Corporation. The deal was agreed in June and completed on August 23 at a price of $3 per share, a 24% premium on the share price on the day the deal was agreed in June. The company has delisted from Nasdaq.
TEOCO is a private company located in Virginia that produces software for communications solutions providers. TTI develops software solutions for operating and monitoring communications networks.
TEOCO, which focuses on the North American market, will now merge its activities with TTI, which focuses activities on Europe.
Published by Globes, Israel business news - www.globes-online.com - on August 30, 2010
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