SupportSoft Buys Core7/20/2004 10:36 AM Eastern
There's further consolidation in the operational-support-software space, with SupportSoft Inc. announcing a $17 million deal to buy Core Networks Inc.
The cash deal bolsters SupportSoft's product lineup with the addition of the Canadian-based firm.
"Comprehensive service automation -- especially for the ‘last mile’ leading to a subscriber's home or small business -- is essential to creating a great customer experience," SupportSoft chairman and CEO Radha Basu said in a prepared statement.
“We believe the integration of Core Networks' real-time networking products with SupportSoft's ‘Real-Time Service Management’ platform uniquely positions our combined offering as the first true, end-to-end solution for [Internet-protocol]-based digital services,” Basu added.
On the earnings side, SupportSoft said second-quarter revenue reached $16.9 million, a 34% increase over last year's $12.6 million. Net income reached $4.9 million on a GAAP (generally accepted accounting principles) basis, versus $2 million in the year-earlier period.
Tellabs Inc. also reported earnings growth, with second-quarter revenue of $304 million compared with $234 million last year and earnings of $50 million.