Tektronix has agreed to acquire Inet Technologies, a provider of communications software, for approximately $12.50 per share consisting of $6.25 per share in cash and approximately $6.25 per share in Tektronix’ stock. After adjusting for Inet’s $172 million cash balance as of March 31, 2004, the net purchase price is approximately $325 million.
Inet’s products address next-generation networks, including 2.5G and 3G mobile data and voice-over-packet, and traditional networks. The company’s “Unified Assurance” Solution and its diagnostics products help carriers manage their voice and data services at the network, service and customer layers. Inet is headquartered in Richardson, Texas and has 501 employees worldwide. It had 2003 sales of $104 million.
Tektronix said the acquisition will accelerate its delivery of products and solutions for network operators and equipment manufacturers seeking to implement next-generation technologies such as General Packet Radio Service (GPRS), Universal Mobile Telecommunications Systems (UMTS) and VoIP. Inet will become part of Tektronix’ Communications and Video business. When combined with Tektronix’ mobile protocol test business, sales from products addressing the network monitoring and protocol test markets are expected to exceed $200 million, making Tektronix one of the largest global providers of these solutions.
“Tektronix’ strategy is to develop leadership positions in selected test, measurement and monitoring product categories that are large and growing. We believe that combining Inet with our mobile protocol business enables us to grow and enhance our leadership position in this market,” said Rick Wills, Tektronix Chairman and CEO. http://www.tektronix.comhttp://www.inet.com/
