Norway-based operator Telenor is to sell all shares in its software company Working Group Two to Cisco.
The operator is selling its 44.6% share of Working Group Two, in a transaction where Cisco will acquire all shares in the company for an enterprise value of $150. Working Group Two will be incorporated fully into Cisco.
Software firm Working Group Two began as a development project in Telenor before it was spun out with Telenor as a cornerstone investor in 2017 along with Digital Alpha, a leading digital infrastructure investment firm.
The company offers mobile operators a cloud-based core network platform designed to increase product innovation and reduce time to market. It has since grown from around 5 to more than 90 employees with a global customer base in Europe, North America, and Asia.
Dan Ouchterlony, EVP and head of Telenor Amp says: “Working Group Two is a Telenor innovation and a Norwegian technology success story that we are proud of being part of. Telenor and Cisco partnered on the launch of the company and have enjoyed a fruitful collaboration on many areas over the past few years. Cisco is an excellent future home for Working Group Two with a shared vision for how the industry should evolve. This transaction represents another milestone on our strategy of realising value in the Telenor Amp portfolio.”
