SINGAPORE - Satellite communications equipment provider Global Invacom has acquired certain assets of Skyware Technologies Group, together with the associated intellectual property, research and development teams and inventory from a number of companies across the group.
The Skyware Technologies acquisition consists of an initial cash consideration of $3.1 million, with a further $0.3 million to be provided as product, and a maximum additional $0.5 million payable on delivery of revenue related earn-out targets, the mainboard-listed firm announced in a pre-market open statement on Wednesday (Sept 5).
The consideration will be funded from existing cash resources.
"The group already has a leading position in DOS antennas and this acquisition will allow the group to offer its customers the total DOS terminal solution," Global Invacom said in its statement.
Tony Taylor, Global Invacom's executive chairman, said the acquisition of UK-based Skyware Technologies will enable the firm to provide a "complete antenna and electronics product set to customers across the data over satellite market".
"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," he said.
Correction note: The story has been amended to reflect Global Invacom's acquisition of certain assets of Skyware Technologies Group - together with the associated intellectual property, research and development teams and inventory from a number of companies across the group - instead of the company in its entirety as mentioned earlier.