Russia’s Mint Capital has completed divestiture from American telecom software developer, jNetX, following an October 2009 announcement that it had put the company up for sale. After initially investing USD 2 million in jNetX in 2002 and adding several million more since, Mint sold the company to U.S.-based Amdocs for USD 50 million, free of debt and cash.
Amdocs does not expect a significant financial gain from the purchase in 2010, but with several shared clients between the two companies the acquisition holds good long-term benefits for both.
jNetX (www.jnetx.com)
Established in 2001, jNetX is a software developer focusing on Java-based technologies for the telecom industry. jNetX software is used widely among both hard-wired and mobile telephone providers and includes the company’s popular Convergent Service Platform. jNetX is based in Dallas, Texas and employs more than 150 at offices in the U.S., U.K., France, Mexico, Russia, and Thailand.
Amdocs (www.amdocs.com)
Amdocs provides integrated customer service solutions for clients in more than 50 countries worldwide. Aimed at enhancing the customer service experience throughout the entire sales process, Amdocs’ software, service, and know-how have helped its clients reach high levels of customer service satisfaction.
The more than 17,000 Amdocs employees helped the company generate 2008 revenues of USD 3.16 billion.
Mint Capital (www.mintcap.ru)
Moscow-based Mint Capital is a venture capital firm focused on the business services, consumer goods, financial services, manufacturing, media, and IT sectors in Russia and CIS countries. The firm does not invest in start-ups, preferring expansion and growth investments in companies that are privately owned and were established after 1991. Mint Capital currently manages two Funds, Mint I and Mint II, investing between USD 5 million and USD 15 million per deal.
January 11, 2010
Exit, Private Equity News, USA