NEW YORK-Comverse Technology Inc., Woodbury, N.Y., spun off Ulticom Inc., its Signaling System 7 network software unit, in an initial public offering that sold April 4.
Lehman Brothers Inc., New York, was lead underwriter for the IPO of 4.25 million shares, sold at $13 each, the low end of the anticipated $13-$15 price range.
Ulticom, headquartered in Mt. Laurel, N.J., produces SS7 products that permit telecommunications carriers to offer advanced services, such as voice-activated dialing and unified messaging.
The company, formerly called DGM&S Telecom, counts among its customers equipment vendors like Siemens AG and Ericsson Inc., applications providers like Clarent and Logica, and service providers like Level 3 and MCI WorldCom Inc.
Ulticom’s main competitors are Cross Keys Systems, Objective Systems and Telcordia Technologies.
Comverse Technology develops, manufactures and sells a variety of systems and software for communications and information processing applications.
