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| AT&T Enters Israeli Market, Gobbles Up Interwise 01 Oct 2007 10:11 PM CDT It looks as if the telecom giant AT&T will be entering the Israeli market for the first time evah! AT&T is making its presence known by buying out Interwise, an Israeli company responsible for web conferencing--which for you non geeks out there means they help businesses talk, train, record meetings, etc. in cyberspace. ( Globes Online) After a long period without news of sales of Israeli high-tech companies, a major exit was announced today. Telecommunications giant AT&T Inc. (NYSE: T), through one of its subsidiaries, is buying IP network conferencing solutions company Interwise of Israel for $121 million. The acquisition, which is due to be completed by the end of the year, brings AT&T into the Israeli market for the first time. Interwise will continue to operate, as AT&T's local development center within AT&T Global Business Services, which serves the largest enterprises around the world and is led by Group President Ronald E. Spears. |  | | | According to globes, AT&T is planning on keeping the management as well as the 140 staff members which is definitely good news as most buy outs often translate into corporate layoffs.
AT&T is planning on turning Interwise into its Israeli R&D center, and the company should provide some interesting competition against Google which is already invading AT&T's space (within the internet industry) in the US. | |
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