Kennet divests Cramer

Kennet Venture Partners has sold Cramer to Amdocs for US$375m. Cramer is a UK provider of operations support systems (OSS), and the sale comes almost seven years since Kennet’s initial investment. The UK venture firm invested a total of US$5m in two financings, the first in September 1999. The sale of Cramer will provide Kennet with a double-digit multiple on its investment. Cramer’s customers include Bell Canada, KPN, TDC, Telefonica and Vodaphone. As a result of the acquisition, Amdocs will be the only company to deliver an end-to-end solution spanning OSS and customer-facing business support systems (BSS), such as billing and customer relationship management (CRM).