Intec announces $245m purchase of Computer Generation

UK firm Intec Telecom Systems has signed an agreement to buy US firm Computer Generation for $245m in cash.

The UK manufacturer of billing software will raise the cash by issuing 30 million new shares at £6 each to purchase the provider of mediation software, technology that allows operator networks to talk to billing systems. Intec said the move will form part of its worldwide expansion along with the expansion of its product offering. Intec has also released its annual results for year-end 30 September 2000. Revenues were up by 140 per cent to £20m from £8.4m for the previous year. Shares in Intec were suspended on 3 November after it announced it was in negotiations to acquire a large, privately-held US software company. Shares are expected to start trading again by the end of the week.