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SAIC signs agreement to sell Telcordia to Providence Equity and Warburg Pincus
November 18, 2004
SAN DIEGO and PISCATAWAY, N.J. -- Science Applications International Corporation (SAIC) today announced the signing of a definitive agreement to sell its subsidiary Telcordia Technologies, Inc., a leading provider of telecommunications software and services to Providence Equity Partners (Providence) and Warburg Pincus (Warburg) for $1.35 billion in cash. Providence and Warburg are equal equity investors in the transaction. The completion of the sale is subject to customary closing conditions, including regulatory approval.
Telcordia, based in Piscataway, N.J., is the leading provider of enabling software for communications networks. The company's solutions handle the complex tasks required to develop, maintain, monitor and fix today's carrier networks carrying over 80 percent of U.S. telephony traffic.
"Telcordia consistently has proven itself a leader in the telecommunications industry and a solid contributor to SAIC," said Kenneth C. Dahlberg, chairman and chief executive officer of SAIC, which purchased the company from the Regional Bell Operating Companies in 1997. "SAIC recognized that a new owner could provide Telcordia with opportunities to expand its global footprint to benefit its customers and the industry as a whole. We look forward to continuing our work with Telcordia as a business partner on both government and commercial opportunities."
"For the past two years, Telcordia has been transforming itself to help its customers automate their business and improve their bottom line," said Matt Desch, chief executive officer, Telcordia. "Providence and Warburg, both long-term growth investors in technology, media and telecom companies, have domain expertise and excellent track records in the communications industry. Providence and Warburg have the resources available to enable us to reach our full potential, capitalize on our market-leading intellectual capital and secure a global leadership position."
Science Applications International Corp. (SAIC)
Telcordia Technologies Inc.
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