- Last week, the communications carrier announced an agreement to sell Software Spectrum, a reseller of business software and mobility solutions, to Insight Enterprises for $287 million. Level 3 expects the sale to close in the third quarter around the same time it acquires Looking Glass Networks, Inc. Level 3 also just acquired TelCove, Inc.
- The sale of Software Spectrum, a reseller of business software and mobility solutions, will allow Level 3 to pursue opportunities in its communications business, said Level 3 Vice Chairman Charles Miller in a press release.
- Pursuant to its integration of WilTel, Level 3 initiated job cuts in the first quarter that are expected to affect about 850 employees in its North American communications business, according to a quarterly report filed with the Securities and Commission in May. As of March 31, the company had terminated or notified 384 employees, Level 3 reported in the filing.
- Originally founded in 1985 as a subsidiary of Peter Kiewit Sons’, Inc., a construction and mining organization with roots dating back to 1884, Level has a market value of roughly $4.14 billion.
Data acquired from various sources including John Long at Fat Pipe magazine.