GINV.L Share News (GINV)

(Sharecast News) - Satellite communications equipment provider Global Invacom announced the acquisition of certain assets, together with the associated intellectual property, research and development team and inventory from a number of companies across the Skyware Technologies Group, on Wednesday.The AIM-traded company said the acquisition was for an initial cash consideration of $3.1m, with a further $0.3m to be provided as product, and a maximum additional $0.5m payable on delivery of revenue related earn-out targets.It said the consideration would be funded from existing cash resources on a debt-free basis.Global Invacom explained that Skyware Technologies designed and manufactured integrated transmitter-receivers for data-over-satellite (DOS) applications.The company said it already had a "leading position" in DOS antennas, with the acquisition set to allow it to offer its customers "the total DOS terminal" solution.Its board said it was already unique in being able to offer reception electronics and antennas for the direct-to-home market, with the acquisition intended to allow the group to extend that same unique position to the fast-growing DOS market.The acquisition was expected to contribute to the financial performance of the group in the first full year of ownership.Trevor Gordon, managing director and senior vice-president of Skyware Technologies, would remain with the business post-acquisition, along with the UK research and development team, based in Stockport."We are delighted to announce the asset acquisition of Skyware Technologies, which we believe will enable us to provide a complete antenna and electronics product set to customers across the data over satellite market," said Global Invacom executive chairman Tony Taylor."There is a significant opportunity across this market, driven by the demand for connectivity in developing countries and rural communities and where fibre or cable is not a viable solution, satellite broadband is now a highly attractive alternative."