Monday, October 1, 2007

AT&T to Acquire Interwise for $121M

Communications provider AT&T Inc. announced Monday that one of its subsidiaries, AT&T Knowledge Ventures, has successfully negotiated the acquisition of Interwise, a privately held company that provides business voice, Web and video-conferencing services. AT&T said it will pay some $121 million in cash for Interwise. The transaction should close in the fourth quarter, AT&T said. The company explained that Interwise's IP-based conferencing and collaboration technology will complement AT&T's existing portfolio of conferencing and enterprise-networking services. AT&T said Interwise will operate as a business unit within its Global Business Services division. AT&T added that it plans to retain Interwise's management team and its domestic and international operations, including a research-and-development center based in Israel. Interwise is headquartered in Cambridge, Mass. AT&T's Knowledge Ventures is headquartered in San Antonio, Texas.