Bermuda-based Global Crossing announced this week that it will sell its IPC Trading System units.

The IPC Trading Systems units were acquired, by Global Crossing, as part of its IXnet acquisition in June 2000.

Of the sale, Global Crossing chief executive officer John Legere said: "The divestiture of IPC, as well as other non-core assets such as Global Marine Systems, will strengthen our focus on becoming the world's leading telecommunications service providers, and at the same time improve our company's cash position."

An investment group led by Goldman Sachs Capital Partners will buy Global Crossing's share of the company for $360 million in cash. Global Crossing did say however that it will enter in to a six-year Network Agreement with IPC Trading Systems, that will see it as "the preferred provider for all IPC's telecommunications needs".

IPC Trading Systems is a provider of desktop trading systems. The company is not affiliated with Bermuda-based IPC Holdings or IPC Re.