GS Capital sells IPC to Silver Lake for $800m

GS Capital sells IPC to Silver Lake for $800m

Private equity firm Silver Lake Partners is acquiring dealing room communications vendor IPC Information Systems from Goldman Sachs Capital Partners for approximately $800 million.

New York-based IPC provides trading floor communications technology to banks including Barclays, Deutsche Bank and Bank of America.

The company was one of the first to use Voice over Internet Protocol (VoIP) on the trading floor and introduced its first VoIP-based turret in 2001 and its second generation VoIP-based turret in 2006.

The vendor has over 800 employees in full-service offices in London, Paris, Frankfurt, Milan, Toronto, Hong Kong, Singapore, Sydney, Tokyo, Chicago, San Francisco, Boston and nine other major US cities.

GS Capital Partners paid Global Crossing $360m for the business in November 2001. Global Crossing has originally acquired the unit in June 2000 as part of the acquisition of IXnet.

In a statement IPC says its acquisition is expected to be completed in September 2006.

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