Radianzhas sold Radianz Voice Services (RVS), in an all-cash transaction, to WestCom Corporation, a private US-based telecommunications company that provides point-to-point dedicated bandwidth, primarily to the US financial industry.
Radianz says the sale is milestone for the company, consistent with its new strategy. The funds will be used to expand its core business by developing and launching new data and Internet Protocol products and services.
“Radianz was launched with the vision of providing a shared market infrastructure platform to the financial industry, and that vision is fast becoming a reality,” says Radianz President and CEO, Howard Edelstein. “We are now focused on building on our leadership position in this category by expanding our global footprint as well as the breadth and depth of the managed services we offer our clients.”
The acquisition of Radianz Voice Services will help WestCom expand outside the US. Its network already supports applications such as trader voice services for US financial institutions. RVS has clients in Europe as well as in the US.
“RVS has an excellent reputation for service delivery with an extensive global foot print of on-net customer sites which makes it a perfect combination with WestCom,” says WestCom President, Michael Hirtenstein. “Both WestCom and RVS will leverage a combined on-net list of over 900 sites globally to support our 24 hour turn-up service for new trader voice lines between clients.”
“Although the voice business is no longer a strategic fit for Radianz, we are delighted to have found RVS a new home within an excellent organization that is prepared to invest in its future growth,” concludes Philip Emery, Chief Financial Officer of Radianz. “We thank the RVS team for their hard work and professionalism over the past four years, and we wish them continued success.”
Radianz says the transaction has been structured to ensure minimum impact on customers, and the firms will work closely together to ensure a smooth transition. As of close-of-business June 30, WestCom will acquire all RVS customer contracts as well as all RVS employees in Europe and the majority of employees in the US. Hardware will continue to be co-located in Radianz premises for as long as three years.