Tekelec has loosened its purse strings again. (Cue sound of change spilling all over the floor). It's buying OSS firm Steleus in a cash and stock deal worth $56 million, more than twice Steleus's annual revenues (see Tekelec to Buy Steleus).

That's Tekelec's third acquisition of note in the past 15 months, as it has already swallowed up next-gen voice switch vendors Santera and Taqua (see Tekelec Is Buying Taqua and Tekelec Tests Softswitch Waters). Steleus is a different beast altogether, though: Its software is used for network and performance management and works with multiple network types (SS7 and IP), whether fixed or wireless.

The news saw Tekelec's share price dip initially this morning, but recover to $18.20, up 11 cents from yesterday's closing price.

But once it has closed the deal, will Tekelec be able to hold on to the main man at Steleus? While CEO Fred Lax prattled on in today's conference call about the "advancement of our strategy" and the business synergies the acquisition would bring, the deal prompted a very specific question from Lehman Brothers analyst Steve Levy. Could Tekelec hang on to Steleus CEO Rick Mace, seeing as how the top guys at Santera (David Heard) and Taqua (Charles Vogt) had jumped ship after their acquisitions? (See Headcount: The World Needs People.)

In other words, would Lax be lax again in hanging on to a senior body? [Ed. note: That is soooo Sex and the City!]

"The situation is very different," said Lax in the conference call. "[Mace] will be in charge of a new business unit, and we already have a long-standing relationship. Our objectives are well aligned... not to say they weren't [with the other acquisitions], just more so on this occasion." And Mace stepped in to assure everyone that he was "excited."

Besides that bit of intrigue, here are the deal's concrete particulars:

Lax says the two companies have been working together already for two years and have won a number of deals together, including this year's contract with Telmex (see Telmex Uses Tekelec Solution). "As a result, our product roadmaps are already aligned, and that will make integration easier," says the CEO.

Tekelec is about to engage in further M&A activity, though of a different kind. It currently holds a stake in Telica Inc., but that is due to transfer to Lucent Technologies Inc. (NYSE: LU) any day now, as the giant vendor completes its own softswitch vendor acquisition (see Lucent Buys Softswitch Vendor Telica).

Tekelec also owns a slice of BroadSoft Inc., which might end up in Lucent's hands as well (see Lucent to Buy Broadsoft? ).

— Ray Le Maistre, International News Editor, Light Reading