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Spirent Communications announces acquisition of octoScope to establish it as 'market leader' in the wi-fi space
StockMarketWire.com
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Technology company Spirent Communications has acquired US-based technology company octoScope in a deal that will establish it as the 'wi-fi test leader'.
The company has bought octoScope for an initial cash consideration of $55 million on a debt and cash-free basis from founder Fanny Mlinarsky, management and other investors, funded from existing cash resources.
Spirent Communications said an additional consideration is capped at $18 million based on annual revenue growth targets for 2021 and 2022 and retention of key staff.
The company said the acquisition is in line with its M&A plans as previously outlined at its Capital Markets Day in October 2020, and will help secure a broader assurance opportunity and expand its diversified customer base.
octoScope will be incorporated into the lifecycle service assurance operating segment of Spirent Communications, along with its emerging wi-fi revenue stream, which currently resides in the high-speed ethernet business within the networks and security operating segment.
Chief executive Eric Updyke said: 'This acquisition supports our strategy of sustainable, profitable growth by establishing Spirent as the firm market leader in the expanding Wi-Fi space, adding to our 5G solution portfolio.'
Story provided by StockMarketWire.com
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