Up 20% today apparently on this news:
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GE Capital IT Solutions Agrees to Acquire Assets of TransNet Corporation
STAMFORD, Conn., Oct. 31 /PRNewswire/ -- GE Capital Services announced today that its subsidiary, GE Capital IT Solutions, has agreed to acquire substantially all of the operating assets of TransNet Corporation (Nasdaq:TRNTE), a desktop information technology solutions integrator serving the Metropolitan New York market and headquartered in Somerville, New Jersey. The purchase is subject to the approval of TransNet's shareholders, as well as, the occurrence of certain other conditions.
TransNet is a leading provider of Information Technology (IT) support services and hardware, primarily distributed computing systems operating on Wintel and UNIX platforms. The company specializes in providing high-end desktop integration and support services. Presently, the TransNet business which is being acquired generates annualized revenues of approximately $80 million and has over 120 technicians, systems engineers, network engineers and NT specialists working at clients' sites throughout the Metropolitan New York market.
''TransNet's experience with complex, high-end systems and applications will support our recent expansion into the UNIX market, while further broadening the range of technical services available to GE Capital IT Solutions customers in the New Jersey, Pennsylvania and New York area,'' said Steve Stringer, president and COO of U.S. Operations for GE Capital IT Solutions. ''At the same time TransNet customers, which include a number of large international businesses, stand to benefit from the expanded global services not available to them through GE Capital IT Solutions.''
Steven J. Wilk, TransNet's president and CEO said, ''Many of our Fortune 100 customers have expressed an interest in obtaining their hardware and technical services from a global provider which possesses the entrepreneurial spirit of TransNet, and we believe that through this transaction, we will be able to provide our customers with both. We believe that GE Capital IT Solutions is that kind of company and we plan to participate in its future growth. Further, we believe that our relationships with our customers in the pharmaceutical, energy, communications and finance industries will be enhanced as a result of the capacity to offer nationwide and global alternatives for services and distribution of products and networks.''
GE Capital IT Solutions, headquartered in Stamford, CT, is a leading worldwide provider of IT products and services, including full life cycle services that provide customers with cost effective control and management of their information systems. The company has 10,000 employees serving customers in North and Latin America, Europe and Asia-Pacific.
GE Capital Services, with assets of over US$227 billion, is a global, diversified financial services company with 27 specialized businesses. A wholly owned subsidiary of General Electric Company, GE Capital Services based in Stamford, CT provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide. SOURCE GE Capital Services |
