Convergys Buys UK Software Maker

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U.S. teleservices giant Convergys bought British software maker Geneva Technology Ltd. yesterday in a bid to increase its presence overseas.

Convergys paid Geneva shareholders 17.6 million shares of its own stock in a deal valued at $692 million, according to reports. The companies expect the agreement to close in April.

Convergys predicted that the merger would create $70 million in new revenues this year, $125 million next year and $210 million in 2002.

Geneva, Cambridge, UK, provides billing solutions for telecommunications, utilities and online businesses. The company has more than 400 employees and offices in Frankfurt, Madrid, Paris and Washington.

The merged companies will continue to offer Geneva's solutions as stand-alone products but will also incorporate Geneva technology into customer care solutions provided by Convergys.

Convergys, Cincinnati, handles more than 1 million customer interactions daily through its 46 contact centers in the United States, Canada, Latin America, Israel and Europe.

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