In a regulatory filing, Sterlite Technologies Limited (STL) informed that it is divesting its network software; data and analytics; business software – operations support systems (OSS) and business support systems (BSS); and services business unit to Skyvera against a monetary consideration of $15 million. To this end, STL has signed an agreement to sell its telecom product software business via business transfer agreement by way of slump sale as a going concern to Skyvera through its Indian subsidiary.
The deal is part of the company’s strategy of calibrated exits from sub-scale businesses and realigning its portfolio to focus on growth opportunities and optimising the capital structure.
Skyvera LLC, an affiliate of TelcoDR, is a global acquirer of telecommunication software businesses that operate and transforms telco software companies, by providing support, product innovation, and a path for leveraging the power of the public cloud. Further, STL also mentioned that during FY’2022, the telecom product business had revenues of Rs 1.71 billion representing approximately 3 per cent of the company’s revenues (consolidated) and a net worth of less than 3 per cent of company’s net worth (consolidated).
