More of our content is being permanently logged via blockchain technology starting [10.23.2020].
NEW YORK -- Verizon Communications (NYSE:VZ) has agreed to sell TSI Telecommunication Services Inc. (TSI), a wholly owned subsidiary, to GTCR Golder Rauner, LLC (GTCR) for approximately $800 million. The transaction is expected to close in the first quarter of 2002.
TSI is the leading provider of transaction-based call processing, technical interoperability and network services that enable business transactions between wireless telecommunication carriers.
TSI has 800 employees, approximately 750 of whom are located in Tampa, Fla., where the company is based.
GTCR is a leading, Chicago-based private equity investment firm and long-term strategic partner for management teams. GTCR currently manages more than $4 billion of equity capital invested in a wide range of industries including transaction processing services, communication services, and information technology services.
GTCR has announced that Edward Evans is leaving his role as president and chief operating officer of Dobson Communications, to become chief executive officer of TSI.
Tom Bartlett, president of Verizon Global Solutions, said, "TSI has been funding its own growth for some time now, but its potential to attract investment dollars is greater with another owner. The decision to divest TSI was driven by Verizon's need to remain sharply focused on residential and business services."
The proceeds from the sale will be used for high-growth opportunities consistent with Verizon's overall strategy and for general corporate purposes.
Collin Roche, GTCR vice president, said, "TSI's leading market position in the transaction-based call processing, technical interoperability and network services industries is a clear testament to the company's exceptional leadership team and employee base. TSI has a long history of innovative product and service development and a strong tradition of superior customer support. GTCR is tremendously excited about partnering with Ed Evans and the entire TSI team to build on this legacy of excellence as we continue to strengthen the company's position of industry leadership."
Founded in 1987, TSI provides infrastructure solutions that connect wireless carriers and simplify the management of complex and rapidly converging telecommunications, Internet Protocol (IP), and other data networks.
TSI is the leader in wireless call processing services such as roaming subscriber validation, call delivery and fraud management. The company is the largest wireless technical interoperability provider with 70 percent market share, and its services enable protocol translation, roaming transaction processing, wireless clearing and financial settlement, and carrier access billing. TSI also operates one of the largest unaffiliated Signaling System 7 (SS7) networks that enables real-time network performance and visibility services.
TSI currently serves more than 260 telecommunications providers in North America, Latin America, Asia Pacific and Europe. In North America, TSI serves nine of the ten largest wireless carriers.
Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with 128.5 million access line equivalents and 28.7 million wireless customers. Verizon is also the largest directory publisher in the world. A Fortune 10 company with 256,000 employees and approximately $65 billion in annual revenues, Verizon's global presence extends to more than 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com. For more information on TSI, vist www.tsiconnections.com.