Aricent Comes Out
Aricent, previously the software development and solutions business of Flextronics International Ltd., is introducing its new name following the acquisition of 85% of the business on September 4, 2006 by Kohlberg Kravis Roberts & Co. (KKR) and Sequoia Capital. Flextronics retains 15% ownership. The transaction valued the entire business at approximately $900 million.
Aricent's proven track record builds on the success of its predecessor, Hughes Software Systems, which was established in 1991. The company became Flextronics Software Systems in 2004, when it and other assets were acquired by Flextronics. frog design, the leading strategic, creative consulting firm, was acquired by Flextronics in 2004 and has been part of the software development and solutions business since the summer of 2005. It will continue to operate as an independent division of Aricent. For almost four decades, frog design has identified emerging market opportunities and transformed ideas into compelling products and services that billions of people experience and enjoy every day.
"Communications technologies have grown increasingly complex, and consumers expect to communicate easily anywhere and at anytime," said Ashish (Ash) Bhardwaj, Aricent's chief executive officer. "These competing forces prompted all segments of the communications ecosystem to demand a software specialist with superior skills, speed and scale. Aricent is that communications software pure-play."
"One of Aricent's clear differentiators is the quality of its people," said Michael E. Marks, a member of KKR and chairman of Aricent's board of directors. "Developing software that ranges from complex applications on end-user devices to management of the network core requires an outstanding organization that hires only the best and brightest. Aricent has long been recognized as a great place to work, where the top talent comes to solve the most difficult software problems faced by the entire communications industry."