Vecima closes Concurrent acquisition
Vecima Networks (TSX:VCM) has closed its acquisition of the assets of the Content Delivery and Storage Business of Concurrent ...
The combination of the two companies' technologies, Vecima's distributed access platform and Concurrent's content delivery system, is intended to help serve a larger base of service provider customers with a product portfolio designed to address the surge in global Internet traffic.
"Each of our organizations has strengths and expertise that we bring to the table, and together we create a comprehensive networking and entertainment ecosystem capable of delivering class-leading quality, capacity and performance," said Sumit Kumar, president and CEO of Vecima. "With diversified products, a greater market reach, a superior growth profile, and a strong balance sheet, we are well-positioned to provide enhanced value to our customers and our shareholders."
Total cash consideration for the transaction was $29 million plus a preliminary net working capital adjustment of $1.47 million.