Anite Acquires German Application Testing Firm Setcom Wireless

LONDON (Alliance News) - Telecommunications testing and measurement services company Anite PLC on Monday said it has struck a deal to buy the trade and assets of German wireless device application test services group Setcom Wireless Products GmbH and sister company Setcom Wireless Products Ltd.

Anite will pay up to EUR3.3 million in cash for Setcom, comprising an initial consideration of EUR2.6 million plus a deferred consideration of up to EUR0.7 million to be paid based on first year revenue.

It expects to complete the deal by April 1 and said it will integrate Setcom into its device and infrastructure testing unit.

"The acquisition broadens our Device & Infrastructure Testing portfolio in an adjacent market with complementary products, advanced technology and innovative engineers, saving us R&D time and cost," said Chief Executive Christopher Humphrey.

Shares in Anite were down 0.1% to 90.688 pence on Monday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2015 Alliance News Limited. All Rights Reserved.

Ashoka India Equity Investment Trust Plc