After issuing a profit warning last week, Intec, the UK supplier of support systems for telecoms and other services, has now denied that it is in takeover talks with Oracle.
Several UK newspapers, including The Sunday Times and The Observer, claimed over the weekend that Oracle president Charles Philips met with Intec chief executive Kevin Adams earlier this month. It has also been reported that a number of buyers, including the private equity firm General Atlantic and Hg Capital, are also in talks with a view to possible purchase.
But in a statement on Monday morning, Intec claimed the reports were incorrect."The Company... can confirm that it is not in preliminary talks with any party with regard to any possible offer for the Company," said Intec in a statement released to the stock market. "Management remains focused on improving the financial performance of the business in 2007."
In its earlier profit warning, the AIM-listed company said it was revising down its revenue expectations due to deferred license fee payments, including one of £5.5m from a US customer. As a consequence of this problem, "the board now believes that revenue will fall below the previously stated range, at not less than £111.7m and [earnings] expectations will be not less than £3.2m".
A week earlier, Intec launched the latest version of its Convergent Billing system, Singl.eView v6.01. It is a convergent rating, billing and customer care systems which offers billing and related services for telecoms suppliers.
With the database and applications markets now seen as saturated, telecoms and telecoms services are seen as key areas where Oracle can extend its reach.