Investment house Schroder Ventures has taken a controlling stake in $200 million wide area networking business Ascom Timeplex, it has emerged.
The news follows a commitment Schroder made last December to invest in European businesses (see Newswire, 9 December, 1997).
Ascom AG, the previous owner of company, will keep a ?significant share? of the company, which will be renamed simply Timeplex.
Jacques de Labry, formerly an executive at GTE, General Electric, ITT and IBM, has been appointed president and CEO of the company.
Timeplex, said Carl Parker, partner at Schroder Ventures, has sales of around $200 million with a customer base of approximately 3,000 and sells TDM and frame relay equipment.
He commented: ?We selected Timeplex because we saw it was well positioned for growth and presented major opportunities - it is a company with untapped potential. We have been working with technology companies for over a decade and we see the same qualities in Timeplex as we did with Mitel and Newbridge Networks.?
Bob Jones, who was formerly with Sonix and then 3Com Sonix, and is now also a partner at Schroder Ventures, is understood to have assisted in brokering the deal.
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