NetStreams Acquired by ClearOne
0 comments / Posted on 04. Nov, 2009 by Bryan Menell in Digital
Austin-based NetStreams has been acquired by publicly traded company ClearOne, according to the following press release. NetStreams had raised over $27M from investors, including Austin Ventures.
NetStreams is the global leader in digital media networks based on Internet Protocol (IP) technology that is used in a wide variety of applications, including digital signage, corporate video distribution, network operations centers and government facilities, and large venues in such industries as hospitality, entertainment and casinos. NetStreams’ digital streaming media and control systems support virtually any number of digital or analog sources, including high definition audio and video content to nearly an unlimited number of networked endpoints.
Under the terms of the transaction, ClearOne paid approximately $2 million in cash and assumed approximately $2 million of long-term debt. In addition, ClearOne will also make earn out payments over the next two years based on achievement of certain performance criteria.
Headquartered in Austin, Texas, privately-held NetStreams has approximately 20 employees and will continue to operate from its current location. NetStreams’ 2009 revenues are anticipated to be in excess of $5 million. ClearOne reported revenues of $35.7 million for its fiscal year ended June 30, 2009.
“The transaction represents a perfect fit for both companies, bringing complementary products and sales channels to both organizations,” said Zee Hakimoglu, president and chief executive officer of ClearOne. “The combination will change the game by enabling us to provide a comprehensive high definition audio and video solution to deliver the true promise of audiovisual and IT convergence. We welcome NetStreams, their partners and customers to the ClearOne family.”
Kevin Reinis, formerly the president and chief executive officer of NetStreams, said, “Both companies have earned stellar reputations for providing the most compelling and complete product solutions in the broad market we both serve. As the global market increasingly embraces the benefits of distributing audio, video and data content efficiently through Internet Protocol technology, the combined company will be an even more powerful industry force.”
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Posted by Bryan Menell
http://austinstartup.com |