Gores Technology is a buy-out specialist that concentrates on salvaging distressed computer software, hardware and telecom companies. It has seized on the opportunities presented by the economic downturn where big companies have been eager to brand non-performing units as non-core, and sell them for modest sums.
Last month, the Los Angeles, California-based company bought the Philips Business Communications (PBC) division from Royal Philips Electronics for an undisclosed amount, and announced plans to expand its product range to make it a major supplier of equipment for voice and data communications. Its portfolio also includes Verifone, Micron PC, Aonix, Select Software, System Software Associates, Applicon and Revere. Past targets have included the software divisions of Schlumberger Technologies, Masco, Unisys, and Computer Sciences.
Bolton, UK based Anker, claims to be one of Europe’s leading electronic point of sale companies, and was planning an IPO on the London market in 2001. It is registered in the Netherlands and has trading subsidiaries throughout Europe, but was forced to abort flotation plans after the meltdown in technology stocks.
Financial terms of the deal were not released, but a Gores Technology affiliate will acquire both the stock and senior debt of Anker, and the transaction is expected to be completed in 30 days, subject to the usual closing conditions.
Source: Computerwire
