Telcordia Purchase Closes

PISCATAWAY, N.J. -- Telcordia Technologies, Inc. announced today that private equity firms Providence Equity Partners and Warburg Pincus completed a transaction to acquire the telecommunications software and services business from Science Applications International Corporation (SAIC). The two firms are co-equal partners in the deal; further terms of the transaction were not disclosed.

Telcordia, based in Piscataway, N.J., is a leading global provider of telecommunications software and services. The company's solutions handle the complex tasks required to develop, maintain, monitor and fix today's carrier networks. In the U.S. alone, an estimated 80 percent of all telephony traffic relies upon Telcordia software.

Commenting on the transaction, Telcordia CEO Matthew Desch said: "As the industry consolidates and evolves, Telcordia is advancing its market leadership position with new products and services that can help our customers reduce overhead and accelerate service delivery -- critical objectives in today's competitive telecommunications environment."

Telcordia plays a pivotal role with service providers globally, having invented much of the underlying software and applications for today's communications networks.

"Telcordia is a true market leader with a unique combination of people, technology, customers and experience," said Mark Pelson, a managing director of Providence Equity Partners. "We look forward to working with management and Warburg to expand Telcordia's global customer base and further its leadership in the industry."

Telcordia Technologies Inc.