Swedish telecommunication firm Ericsson is to spend $1.15 billion in cash to buy telecom-software entity Telcordia for $1.15 billion - a deal that will help it manage the explosive global growth in smartphone and broadband-Internet use.
Ericsson Chief Executive Hans Vestberg has said he expects 50 billion devices to be connected to the Internet by 2020, bringing a huge challenge for operators and system providers.
Ericsson said the agreement to buy the Piscataway, N.J. company would lead to 2,600 employees being transferred to it. Telcordia is being sold by Providence Equity Partners, LLC and Warburg Pincus.
Telcordia's President and CEO Mark Greenquis said the deal signals Ericsson's future strategy to capitalize on the growth opportunities in the OSS/BSS communications industry.
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