Satellite-based IP solutions company VT iDirect has acquired UK-based network software specialist Parallel Limited from its management for approximately £3.9m (US$6.5m) in cash.
The purchase consideration was arrived at on a willing buyer/willing seller…
Satellite-based IP solutions company VT iDirect has acquired UK-based network software specialist Parallel Limited from its management for approximately £3.9m (US$6.5m) in cash.
The purchase consideration was arrived at on a willing buyer/willing seller basis, based on Parallel’s unaudited net tangible assets as of 30 December, 2009 and taking into consideration Parallel’s past performance and future prospects
The transaction means that iDirect will consequently take control of Parallel’s SatManage network management software suite, which enables satellite service providers to better manage their large-scale and complex IP networks. The SatManage technology integrates and automates most elements of a Network Operations Centre to improve network performance.
Initially, SatManage will be marketed as an extended software solution to manage iDirect networks. Following the integration of both companies’ development teams including Parallel’s chief technology officer, iDirect will launch an effort to merge the two products to create a single management environment. On completion, Parallel’s chairman and chief executive officer will retire from the company
Guy Adams, CTO for Parallel, commented: “For most service providers, network management technology has become the primary consideration for selecting a satellite communications platform as it directly impacts their business economics. We are excited to share a promising future with iDirect, working together to tackle the increasingly complex challenges satellite service providers face today and deliver a truly unrivalled solution.”
iDirect is a subsidiary of US-based diversified solutions company VT Systems, which is in turn owned by Singapore Technologies Engineering. ST Engineering stated that the acquisition is not expected to have any material impact on its consolidated net tangible assets per share and earnings per share for the current financial year.