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Monday, June 28, 2010

Glodyne's $104 million purchase of DecisionOne to close June 30

I can’t relate to those who lined up last week to buy the Apple iPhone 4.

It’s not that I don’t like new technology. Rather, I’m a klutz, and I wouldn’t bet on a shiny iPhone surviving for long in my “hands of clod.”

My sympathies lean to companies that are able to fix the things I break. One such local company is DecisionOne Corp., which has had many names and many owners over the years.

Now based in Devon, DecisionOne has always been a services company, hired by governmental agencies and large corporations to perform maintenance on data centers, technical-support services, and other less glamorous but necessary tasks in this wired and wireless age.

In May, DecisionOne agreed to be acquired by Mumbai, India-based Glodyne Technoserve Ltd. in a transaction valued at $104 million. On Tuesday, the top executives of both companies will mark the transaction’s expected Wednesday closing with a ceremony in Devon.

In a recent conference call with analysts, Glodyne management said the acquisition would enhance its role in technology “infrastructure management services,” a $524 billion global market. I must not be alone in my ability to drive geeks crazy.

Glodyne, a public company with shares listed on the National Stock Exchange of India, is the smaller of the two. Revenue for its fiscal year ended March 31 totaled $152 million. Its workforce numbers about 1,200.

With about $200 million in annual revenue, DecisionOne has 2,000 employees in Canada and the United States, including about 200 in Devon. Since being taken private in 1997, DecisionOne has had a succession of private-equity owners, with the current group led by Cerberus Capital Management L.P.

Comp watch

The Federal Reserve Bank of Philadelphia isn’t a public company, but the public has a vested interest in what it does as part of the nation’s central banking system.

Given that The Inquirer published its annual review of executive pay Sunday, I wondered what the presidents of the Federal Reserve Banks made.

According to the Fed’s 2009 annual report, the presidents of the 12 reserve banks earned a total of $4.08 million. That’s less than the $5.6 million salary of John G. Stumpf, CEO of Wells Fargo & Co.

Charles I. Plosser, president of the Philly Fed, had a 2009 salary of $344,700, up from $294,400 the previous year.

The highest-paid reserve bank presidents are William C. Dudley in New York and Janet L. Yellen in San Francisco. Each had a 2009 salary of $410,780.
Posted by Mike Armstrong @ 11:25 AM  Permalink | File Under: Executive Pay | | Technology | Post a comment
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About Mike Armstrong
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor. Contact Mike via e-mail or at 215-854-2980
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