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Paris (pte020/11.02.2003/10:53) - French end-to-end communications provider Alcatel http://www.alcatel.com/ has purchased all outstanding shares in Canadian software designer iMagicTV http://www.imagictv.com/. The French company had previously owned about 16 per cent of the publicly held software company. According to Alcatel, the transaction has an implied equity value of about EUR 28 million.
iMagicTV designs software products that enable telephone companies and other service providers to deliver multi-channel television and interactive media services across high-speed broadband networks. Commenting on the deal, iMagicTV president and CEO Gerry Pond said: "By joining forces with Alcatel, our customers benefit by being able to work with a single partner who can deliver a tightly integrated and comprehensive IP based video solution."
Alan Mottram, President of Alcatel's Fixed Solutions Activity, has called the acquisition "an exciting step as we grow our ability to work alongside our customers to increase their service revenues and profitability".
Prior to the deal, Alcatel and iMagicTV had been working together on numerous developments of DSL television projects for Alcatel clients.
Alcatel operates in more than 130 countries. In 2002 it reported sales of EUR 16.5 billion. The group's self-proclaimed aim is to boost broadband growth across the globe. A significant part of this growth is to come from value added services offered to residential consumers through various terminals (PCs, game consoles, TV sets, digital cameras and music devices), as well as a broad range of personalised on-demand applications such as audio-visual entertainment, home security, on-line gaming or tele-education.
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