Watford Electonics is acquired by Globally

Integration and system builder giant is purchased, after rumours circulated regarding its credit lines

Watford Electronics announced this afternoon that it has been sold to a company called Globally Ltd.

As a result, Savastore.com, Watford's online trading arm, has been temporarily closed for business. A statement on Savastore's web site said the site would "reopen as soon as possible following a full review of both business and technological processes". Read the full letter here

Globally also said in the statement that it intends to invest heavily in the underlying technology behind Savastore.com, to provide a platform that would enable it to resume and expand upon Watford Electronics’ existing business.Globally was incorporated on 5 February 2007 to the same registered address as Watford Electronics.

As revealed by CRN this week, Watford Electronics is believed to have had its credit limits reviewed by various suppliers.

See CRN this week for more details and channel reaction