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 acquisition consists of an initial cash payment of $3.1 million, with a further $300,000 to be provided as product, and a maximum additional $500,000 payable on delivery of revenue-related earn-out targets.
The consideration will be funded from existing cash resources, the mainboard-listed firm announced in a pre-market statement yesterday.
Global Invacom added: "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."
Executive chairman Tony Taylor said the acquisition of British-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."
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.