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|IPC and Hitachi Agree to transfer Hitachi's Overseas Dealerboard Business to IPC|
New York, London, Tokyo, March 18, 2002 IPC Information Systems, Inc. (IPC), a leading provider of communications platforms to the financial industry, and Hitachi, Ltd.(Hitachi), one of the world's leading electronics companies, today announced they have entered into an agreement to transfer service and support operations for the international client base of Hitachi's turret business to IPC. Turret systems are trading room communication systems sold primarily to the financial community and other trading oriented businesses. Under this agreement, Hitachi will transfer its international client base including over 1,800 desktop positions encompassing New York, London, Singapore, Hong Kong, Malaysia, Taiwan and Bermuda. The agreement also allows for the transfer of appropriate Hitachi turret support personnel to IPC. The transaction is expected to close by March 31, 2002.
Greg Kenepp, President of IPC said, We are excited about this transaction and our new relationship with Hitachi, one of the world's premier communications providers. This transaction further enhances IPC's global market position and is a sign of our continued commitment to provide products, services and support for our customers on a global basis. The agreement ensures continued service and support for existing Hitachi customers and provides for them the opportunity to migrate to IPC's IQMXTM, the world's only Voice over IP turret.
Yasuhiko Taniguchi, Senior Director, Telecommunication System Department said, Hitachi has been a leading, worldwide provider of Dealing Communications Systems for many years with a specific emphasis in the Japanese market. We are pleased to announce this agreement that allows us to capitalize on IPC's excellent products and support globally while we continue our focus on the domestic Japanese market.
Stephen Phillips, Managing Director for IPC Asia / Pacific said, This acquisition clearly positions IPC as the premier supplier of trading systems throughout Asia / Pacific and I particularly look forward to strengthening our relationship with Hitachi Ltd. in the future.
About IPC Information Systems
IPC operates throughout the Americas, Europe, and the Asia / Pacific region. For additional information visit www.ipc.com.
About Hitachi Ltd.
|WRITTEN BY Corporate Communications Division