Anite Group PLC
30 January 2007
For immediate release 30 January 2007
Anite Group plc
('Anite' or 'the Group')
Acquisition of Invenova
Highlights:
• Acquisition of leading provider of software and systems for WiMAX
(wireless broadband) device testing
• WiMAX market expected to develop significantly in the next few years
• In line with Anite's strategy of entering adjacent markets or acquiring
complementary technology to build up its Wireless business
Acquisition of Invenova
Anite Group plc, the international wireless, IT solutions and services company,
today announces that it has acquired Invenova Corp ('Invenova'), a San Jose,
California based provider of software and systems for WiMAX device testing.
There is an initial cash consideration of $6 million (£3.1 million), with a
further $6million (£3.1 million) payable upon the achievement of certain
financial performance targets. Revenues for the year to 31 December 2006 are
expected to exceed $2.5million (£1.3 million).
The acquisition is in line with Anite's stated strategy of achieving a leading
position in its chosen markets and, in respect of its Wireless business,
entering adjacent telecoms markets or acquiring complementary technology either
through internal investment or acquisition. The acquisition of Invenova creates
the opportunity to establish a significant position in the wireless broadband
test systems market, whilst diversifying Anite's product portfolio across
multiple wireless technologies and adding new customers. Invenova has the
largest installed base of WiMAX protocol test systems and counts all major WiMAX
developers as customers.
Established in 2003, Invenova was the first company to deliver a validated WiMAX
Certification platform after winning a contract from the WiMAX Forum (the
industry approval body) to supply its approved test laboratories. Invenova was
also selected by the WiMAX Forum in 2006 to develop the protocol conformance
test solution for a new Mobile WiMAX standard. Invenova's WiMAX portfolio
comprises a broad range of test tools covering functional, conformance and
performance testing. Invenova will be fully integrated into Anite's Wireless
business.
Commenting on the acquisition, Steve Rowley, Anite's Chief Executive, stated:
'The acquisition of Invenova, following the recent acquisition of Nemo,
represents a further step in the development of Anite's Wireless business, which
we have put firmly at the heart of the Group. Invenova was particularly
attractive due to its exciting technology, high growth and profitable
performance.'
'We anticipate that the market for WiMAX will develop significantly in the next
few years. With important recent announcements in the US and licence auctions
taking place in Europe this year, we believe WiMAX will represent a substantial
share of the Wireless broadband market before the end of the decade. We intend
that Anite remains a market leader in the development of relevant test systems.'
- Ends -
For further information, please contact: www.anite.com
Anite Group plc 01753 804000
Steve Rowley, Chief Executive
Chris Humphrey, Group Finance Director
Smithfield 020 7360 4900
Reg Hoare/Sara Musgrave
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