Global financial network Radianz has sold its voice services business unit to WestCom Corporation, a US telecommunications company that provides point-to-point dedicated bandwidth to the US financial industry.
Radianz Voice Services (RVS) provides voice trading solutions connecting local, national and international trading rooms. The company provides connectivity to financial institutions from almost anywhere in Europe and the US.
Under the agreement, WestCom will acquire all RVS customer contracts as well as all employees in Europe and the majority of staff in the US. Hardware will continue to be co-located in Radianz premises for up to three years.
WestCom says the acquisition will enable it to expand its existing voice services offerings outside the US market.
Michael Hirtenstein, president, WestCom, adds: "Both WestCom and RVS will leverage a combined on-net list of over 900 sites globally to support our 24 hour turn-up service for new trader voice lines between clients."
Radianz plans to use funds to expand its core business by developing and launching new data and IP products and services.
Specific terms of the all-cash transaction were not disclosed.