LogicaCMG exiting telecom
LogicaCMG may be best known in the telecom world for its SMS and other messaging solutions, but the company is about to divest itself of those product lines, choosing instead to focus on its enterprise and IT business.
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LogicaCMG is selling its Telecom Products division to an investment consortium led by Atlantic Bridge Ventures for £265 million (U.S. $518 million) and using half of those proceeds in a share repurchasing program and the other half to pay down debt. After the deal closes, LogicaCMG plans to focus exclusively on its IT and business services, which is focused mainly on the European markets. The company already provides business consulting, systems integrations and business process outsourcing to the financial services, energy and utilities, telecom and media, and transportation industries.
The Telecoms Products business has been a big revenue driver for LogicCMG with SMS, MMS and voicemail accounting for 60% of its revenues. But company officials said the business has been static for the last few years, and sales of products in 2006 were stable compared to 2005 and may even fall due to currency fluctuations.
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