Spectrum reels in big US client

The multi-billion dollar American Company has licensed the PV2 software from Spectrum-owned WEL Technology and has paid a new benchmark for the product of $1.3 million.

The licensing agreement will allow Lucent to integrate the PV2 software into its own flagship billing product known as Arbor/BP.

The sale had been flagged earlier in the year but has only just been finalised.

Spectrum boss Rob Levison says he is delighted with the deal, which gives the PV2 products further market credibility because they have been purchased by such a large tech player.

He says it is the first foray into the telecommunications area for the software, and marks the beginning of a cooperative understanding between WEL Technology and Lucent.

Spectrum shareholders approved the acquisition of WEL Technology Limited at a Special Meeting held early in June.

Lucent is North Americas leading maker of telecom equipment and software and with a current market capitalisation of US$195 billion is the 7th largest technology company in the US.

The deal also means Spectrum will be paying more for WEL Technology, with the total now at $2 million in cash and Spectrum shares.

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