LONDON (Alliance News) - Global Invacom Group Ltd on Wednesday said it acquired certain assets and research & development team of electronics firm Skyware Technologies Group.
The communications equipment firm said it will pay an initial cash consideration of USD3.1 million, funded from existing cash resources. Further it will provide USD300,000 worth of products to Skyware and additional USD500,000 upon delivery of certain revenue targets.
Skyware Technologies designs and manufactures integrated receivers for data over satellite applications.
The company said it expects Skyware Technologies to contribute to its financial performance in the first full-year of ownership.
"We are delighted to announce the asset acquisition of Skyware Technologies, which we believe will enable us to provide a complete antenna & electronics product set to customers across the data over satellite market," said Executive Chairman Tony Taylor.
Shares in Global Invacom were untraded on Wednesday, last quoted at 6.50 pence each.