Convergys is buying British company Geneva Technology for $692 mi...
Convergys is buying British company Geneva Technology for $692 million in stock, companies said Tues. Convergys, spun off from Cincinnati Bell, offers support services such as bill processing to telecom carriers while Geneva provides billing software for carriers, utilities,…
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online markets. Convergys Chmn. James Orr said merger accomplished several of company’s goals, such as expanding markets outside U.S., gaining stronger position in IP-based billing, broadening product line. He said Geneva’s software was “strong complement” to Convergys products. Agreement signed Mon. calls for offering 17.6 million Convergys shares to Geneva’s stock and option holders. Convergys said it expected acquisition to produce revenues of at least $70 million this year, $125 million in 2002, $210 million in 2003.