Symmetricom Announces Agreement to Acquire Assets of Brilliant Telecommunications, Inc.
15 February 2011 - 1:00AM
Business Wire
Symmetricom®, Inc. (NASDAQ:SYMM), a worldwide leader in precise
time and frequency technologies, today announced that it has
entered into an agreement to acquire certain assets of Brilliant
Telecommunications, Inc. including all of its intellectual
property, for a cash purchase price of $3.5M. Symmetricom will pay
an additional $2.3M in cash if certain milestones are achieved
within six months of closing. The closing of the transaction is
subject to customary closing conditions. Based in Campbell,
California, Brilliant Telecommunications has developed a family of
network timing, management and synchronization solutions, which
addresses emerging communications trends such as IP backhaul and
the femtocell market segment.
Symmetricom will immediately begin to support Brilliant’s
customers and strategic partners following the close of the
transaction.
“Synchronization and timing are increasingly critical
considerations in the ongoing migration to Carrier IP networks,”
said James Armstrong, Executive Vice President and General Manager
of the Communications Business Unit. “This acquisition augments our
leadership in network timing and synchronization solutions.”
“My team and I are very pleased to join Symmetricom to expand
the company’s communications market opportunities,” commented Dr.
Charles Barry, President and Founder of Brilliant
Telecommunications. “The resulting technology suite will provide
unmatched breadth and capability for high performance
synchronization solutions.”
Symmetricom plans to integrate the acquired Brilliant
technology, products and employees into the company’s
Communications Business Unit.
Symmetricom expects to incur approximately $2.3 million in
integration-related charges and anticipates the transaction to be
accretive in the first quarter of fiscal 2012.
About Symmetricom, Inc.
Symmetricom (NASDAQ: SYMM), a world leader in precise time
solutions, sets the world’s standard for time. The company
generates, distributes and applies precise time for the
communications, aerospace/defense, IT infrastructure and metrology
industries. Symmetricom’s customers, from communications service
providers and network equipment
manufacturers to governments and
their suppliers worldwide, are able to build more
reliable networks and systems by using the company’s advanced
timing technologies, atomic clocks, services and solutions.
All products support today’s precise timing
standards, including GPS-based timing, IEEE 1588 (PTP),
Network Time Protocol (NTP), Synchronous Ethernet and
DOCSIS® timing. Symmetricom is based in San Jose, Calif., with
offices worldwide. For more information, visit:
www.symmetricom.com.
Safe Harbor
This press release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and is subject to the safe harbor created by
those sections. These forward-looking statements include, among
others, statements concerning expected integration-related charges
and the expected impact of the acquired business on operating
performance. The statements in this press release are made as of
the date of this press release, even if subsequently made available
by Symmetricom on its website or otherwise. Symmetricom’s actual
results could differ materially from those projected or suggested
in these forward-looking statements. Factors that could cause
future actual results to differ materially from the results
projected in or suggested by such forward-looking statements
include: our ability to integrate the acquired business as
expected, reduced rates of demand for telecommunication products,
customer acceptance of new products, recessionary pressures, and
the risk factors listed from time to time in Symmetricom’s reports
filed with the Securities and Exchange Commission, including the
annual report on Form 10-K for the fiscal year ended June 27,
2010 and subsequent Form 10-Q’s and 8-K’s.
SYMM-G
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