One Equity Partners (OEP), a the private equity arm of JP Morgan Chase, has acquired a majority share of WestCom Corporation, a US private telecommunications company that provides network services to financial services firms.
Westcom's network supports applications, including trader voice services, for over 1200 financial services firms in the US and Europe. Last year WestCom acquired Radianz's voice services division from Reuters.
In addition to OEP's funding, Bank of America Capital Investors also took an equity position in the company, with founder and CEO Michael Hirtenstein retaining a "significant" ownership stake. Financial terms of the deal were not disclosed.
Chuck Auster, a partner at OEP, says the investment will enable WestCom to take advantage of a wider range of technologies, including VoIP.