Amdocs completes purchase of cVidya

Amdocs completes purchase of cVidya

Amdocs completed its acquisition of cVidya on January 15, 2016, sources told TheMarker. The buyout, which TheMarker revealed in November, cost $30 million. Some 10% of cVidya’s 200 employees will lose their jobs as a result. The remainder will go to work for Amdocs, after signing employment contracts with the company on Monday. They will receive the same or better terms of employment than they had at cVidya. Amdocs and cVidya worked in partnership for years preceding the buyout. cVidya, which provides revenue assurance and other business protection solutions for communications and digital service providers, has over 150 customers around the world and is profitable. Industry sources say that cVidya’s shareholders wanted to sell the company after it hit a glass ceiling in its field.

Source: haaretz.com