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An Energy IT IPO
Word is that tech services and software firm Telvent, based in Calgary and a subsidiary of the $1.5 billion Spanish energy conglomerate Albengoa, is intending to file a Nasdaq IPO in late July.
The companyís offering would seem to come at a propitious time, as indicators of the marketís reception for tech services firms, notably Salesforce.com and Google, show growing warmth.
Telvent specializes in IT solutions for industrial sectors like energy (mostly), environment, traffic, transportation, telecom and public administration. The company employs over 2,100, with systems installed worldwide for companies like Shell, Conoco Phillips, BP, Exxon Mobile and Chevron Texaco.
Telvent has experienced good growth, with 2002 revenue of $281 million, up from 1998 revenues of $168 million. In February of 2003, it purchased Finnish firm Metso Automationís SCADA unit, Network Management Solutions, for $42 million. That deal put Telvent squarely in the business of providing technology to the energy industry: it was a leader in SCADA (Supervisory Control and Data Acquisition) systems and real time business applications.
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