STL divests its Telecom Products Software business, as a part of its portfolio realignment
MUMBAI, India, Jan. 31, 2023 /PRNewswire/ -- STL (NSE: STLTECH) a leading optical and digital solutions company, today announced the divestment of its Telecom Products Software business as a part of its strategy to intensify its focus on driving scalable growth in Optical Networking and Global Services.
With the strategic intent to accelerate its efforts towards focused growth in this decade of network creation, STL will sell its Telecom Products Software business via a business transfer agreement to the US-headquartered global acquirer of telecommunication software businesses, Skyvera via an Indian subsidiary. The divestiture will include STL's portfolio of telecom and network software capabilities in operations and business support, monetization, networking and analytics. Today, STL's Telecom Products Software business has long-term relationships with over 60 customers across Europe, India, Africa, and the Middle East who will seamlessly transition to Skyvera, an affiliate of TelcoDR, post all the regulatory formalities.
This move will help STL focus itself to drive scale and impact in its areas of strength.
Commenting on this development, Ankit Agarwal, Managing Director, STL, said, "As we set out earlier in this fiscal year, we are intensifying our focus on the most significant growth opportunities in the optical and digital domains. We have our eyes set on becoming one of the top players in Optical connectivity and driving toward our purpose of transforming billions of lives by connecting the world. We are proud of the value that our team has created and are committed to supporting them through this transition. I wish Skyvera all the best for the future."
This news comes after the company announced its decision to divest its inside-data centre connectivity arm IDS to Hexatronic in October last year.
About STL - Sterlite Technologies Ltd
STL is a leading global optical and digital solutions company providing advanced offerings to build 5G, Rural, FTTx, Enterprise and Data Centre networks. The company, driven by its purpose of 'Transforming Billions of Lives by Connecting the World', designs and manufactures in 4 continents with customers in more than 100 countries. Telecom operators, cloud companies, citizen networks, and large enterprises recognize and rely on STL for advanced capabilities in Optical Connectivity, Global Services, and Digital and Technology solutions to build ubiquitous and future-ready digital networks. STL's business goals are driven by customer-centricity, R&D and sustainability.
Championing sustainable manufacturing, the company has committed to achieve Net Zero emissions by 2030. With top talent from 30+ nationalities, STL has earned numerous 'Great Place to Work' awards and been voted as the 'Best Organisation for Women'. Read more, Contact us. stl.tech | Twitter | LinkedIn | YouTube
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