British mobile network operator Vodafone Group Plc (VOD: Quote,VOD.L), Friday said its business Vodafone Global Enterprise was acquiring two telecom expense management companies -Quickcomm and TnT Expense Management.
The company would pay US$6.9 million for Australia-based Quickcomm and US$2.8 million for US-based TnT Expense Management.
According to Vodafone it already has a strong track record in expense management and these two acquisitions will propel Vodafone into being a leading TEM company for multinational organisations.
Sydney, Australia-based TEM software developer Quickcomm, with offices in the US, UK and Singapore will continue to sell and provide ongoing support for its products, as well as becoming a fully integrated part of the Vodafone Telecoms Management solution, the company noted.
Sandy Hook, Connecticut-based TnT Expense Management with offices in New York, the UK, Germany and France, will also add to Vodafone Global Enterprise's existing services team.
Nick Jeffery, chief executive officer of Vodafone Global Enterprise said, "These acquisitions will benefit our customers by providing even greater visibility and control of their fixed and mobile spend and this, in turn, will further the business case for multinationals to adopt unified communications solutions."
Founded in Australia in 1997 by telecom industry veterans, Quickcomm offers Telecom and Mobile Management solutions. Quickcomm's clients, includes Verizon Wireless, Citigroup, British Telecom, Siemens, Kraft, BP, Merrill Lynch and Johnson & Johnson.
Founded in 1999, TnT Expense Management provies Telecom Expense Management solutions for enterprises and mid-market clients in all major industries and government entities.
VOD closed Thursday's regular trading at $25.84 on the Nasdaq.
VOD.L is currently trading at 160.95 pence, up 0.65 or 0.40% on a volume of 6.75 shares on the London Stock Exchange.
| || |
| To receive FREE breaking news email alerts for Vodafone Group Plc and others in your portfolio|
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org