2023-01-31 14:35:00

STL divests its Telecom Products Software business, as a part of its portfolio realignment

Logo PR Newswire
PR Newswire

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.

STL Logo

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

Logo: https://mma.prnewswire.com/media/876464/Sterlite_Technologies_STL_New_Logo.jpg

Cision View original content:https://www.prnewswire.com/in/news-releases/stl-divests-its-telecom-products-software-business-as-a-part-of-its-portfolio-realignment-301734850.html

Logo PR Newswire
TechnologyPress Release2023-01-27 12:01:00
Revenue increases by 28%, EBITDA by 17% on year till date (YTD) basis 73% revenue growth in global markets on YTD basis Optical business revenues zoom 1.8X,...

Logo PR Newswire
Bell mobility, Internet, TV and phone services to be sold through Staples retail locations and direct B2B sales channels RICHMOND HILL, ON, and MONTRÉAL,...

Logo The Business Journals
Business / Finance2023-01-31 12:48:54
One of St. Louis longest-running real estate and corporate relocation agencies has been acquired by one of the regions largest real estate brokerages.

Logo PR Newswire
TechnologyPress Release2023-01-31 12:40:00
DUBLIN, Jan. 31, 2023 /PRNewswire/ -- The "WebRTC Software, Applications, Services, Solutions and Devices Market with Global and Regional Forecasts 2023 -...

Logo PR Newswire
TechnologyPress Release2023-01-31 12:00:00
ROCHESTER, N.Y., Jan. 31, 2023 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and...

Logo PR Newswire
TechnologyPress Release2023-01-31 13:00:00
Semtech's commitment to innovative and transformative technologies remains a main competitive advantage, making the company a preferred provider over other...

Logo PR Newswire
TechnologyPress Release2023-01-31 13:39:00
CINCINNATI, Jan. 31, 2023 /PRNewswire/ -- Brikl, an e-Commerce MicroStore software platform for creating online stores and live catalogs for the promotional...

Logo The Business Journals
Technology2023-01-30 20:47:17
The newly formed company, created through a merger that include a St. Louis-based firm, is hiring for new roles as it expands its technology.

Logo EIN Presswire
TechnologyPress Release2023-01-31 11:00:00
Sirqul announces Comtech as new Alliance Partner combining Comtechs expertise in space, satellite, terrestrial, wireless, and cloud with Sirquls EaaS...

Logo Nasdaq
TechnologyBy Zacks2023-01-31 10:00:00
For Immediate Release Chicago, IL January 31, 2023 Today, Zacks Equity Research discusses VICI Properties Inc. VICI, STAG Industrial, Inc. STAG and Gladstone...

Logo PR Newswire
HealthPress Release2023-01-30 23:58:00
SPOKANE, Wash., Jan. 30, 2023 /PRNewswire/ -- Patent law firm, FIG. 1 Patents, PLLC (FIG. 1), announced today that Dallas -based Scott Chapple, most recently...

Logo Benzinga
Business / FinanceBy Business Wire2023-01-31 13:07:00
Fintech product agency reports internal and external growth, gains industry recognition Praxent, a fintech product agency with more than two decades of...

Logo Channel NewsAsia
Business / FinanceBy Cna2023-01-31 12:30:55
Best News Website or Mobile Service WAN-IFRA Digital Media Awards Worldwide Best News Website or Mobile Service Digital Media Awards Worldwide (Refiles to...

Logo PR Newswire
TechnologyPress Release2023-01-31 00:45:00
NEW YORK, Jan. 30, 2023 /PRNewswire/ -- According to Technavio, the global software as a service (SaaS) market size is estimated to grow by USD 147.44...

Logo PR Newswire
TechnologyPress Release2023-01-31 06:00:00
Addition of enhanced end-to-end financial solutions further strengthens UST's comprehensive portfolio of services TORONTO and BENGALURU, India, Jan. 31, 2023...

Logo NewsFileCorp
Press Release2023-01-31 13:00:00
Initial Results from Ongoing Financial Restructuring Initiatives Produce Positive Developments in Q2 FY 2023 Financial Statements Toronto, Ontario and New...

Logo PR Newswire
TORONTO and DUREN, Germany, Jan. 31, 2023 /CNW/ - GBLT Corp. (TSXV: GBLT) ("GBLT" or the "Company") is pleased to announce that its solar energy business has...

Logo PR Newswire
NEW YORK, Jan. 30, 2023 /PRNewswire/ -- S&P SmallCap 600 constituent Agree Realty Corp. (NYSE:ADC) will replace STORE Capital Corp. (NYSE:STOR) in the...

Logo Bloomberg
TechnologyBy Jenny Leonard2023-01-30 20:25:41
The Biden administration is considering cutting off Huawei Technologies Co. from all of its American suppliers, including Intel Corp. and Qualcomm Inc., as...

Logo Benzinga
Business / FinanceBy Pr Newswire2023-01-31 12:38:00
New program offers marketing support and on-demand training to registered partners representing DTEN's award-winning video collaboration solutions. SAN JOSE,...