Financial News

More than a month after its CEO stepped down, Zultys Technologies said today it has named a replacement. Steve Rothenberg will take the helm and serve on the board of directors. He replaces Avi Weinrib, who resigned on May 2 to focus on the other companies he oversees. Rothenberg spent most of his career running his own company, which sold ...

Managed services provider TeleSphere said this week it has closed another round of private equity funding. The Phoenix-based company secured $10 million from investors including Rally Capital and Hawkeye Investments LLC, as well as Greenspun Corp., which also supports wireless broadband provider Sparkplug. Rally Capital and Hawkeye Investments previously have invested in TeleSphere. TeleSphere said it will use the money ...

Just as fuel prices rise to record levels, West Corp. said it has wrapped the acquisition of conferencing and collaboration provider Genesys SAWest paid $3.88 per Genesys share, or about $345 million. West will pair Genesys with the InterCall Inc. division, as the companies announced in February. InterCall will integrate products such as the Genesys Meeting Center into its lineup, ...

Telecom equipment maker Avaya Inc. will slice 400 jobs by the end of May, the Associated Press reported late Wednesday afternoon. An Avaya spokeswoman blamed the weak economy and slow telecom equipment sales for the layoffs, which come after 600 positions were eliminated earlier this year. Most of the job losses will take place in Basking Ridge, N.J., where Avaya ...

It looks like it’s the end of an era for the “build it, pay for it and they will come” model of municipal Wi-Fi. That approach to municipal wireless was dealt another blow today with the news that MetroFi Inc. is planning to sell off its nine city-wide Wi-Fi networks—or barring that, will shut them down completely in 30 to ...