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GTL buys Genesis of U.K.
Staff Correspondent
| The purchase consideration will be about $9 million |
GLOBAL LINK: Manoj Tirodkar (left), Chairman and Managing Director, GTL, with David Edmondson, Managing Director, Genesis Consultancy, at a press conference in Mumbai on Tuesday. — PHOTO: PAUL NORONHA
MUMBAI: GTL, a leading network services provider, has acquired Genesis Consultancy Ltd., a leading network management services provider in the telecommunications industry in the U.K.
According to a company press release, the cumulative purchase consideration will be about $9 million for the all cash 100 per cent buyout.
The Genesis acquisition will strengthen GTL's network operations and maintenance as well as the professional services component of the value chain, the release added.
The estimated revenues and gross earnings of Genesis for 2006-07 are $20 million and $2 million, respectively.
According to Manoj Tirodkar, Chairman and Managing Director, GTL, "this acquisition presents the combined customer base a reliable migration path forward and global support for a comprehensive range of products and services in the telecom industry. Genesis strategically fits well into the GTL's value chain and has domain knowledge and established customer base for existing products.
"With this acquisition, we expect the network management and operations business of the group to grow substantially and expect that this revenue stream will contribute 15 to 20 per cent to our top line over a period of three to five years.''
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