KUALA LUMPUR, Aug 3 -- Lantronix Inc (Lantronix) has announced the completion of its previous acquisition of Transition Networks and Net2Edge, whichcomprises the majority of the Electronics and Software reportable business segment of Communications Systems Inc.
The transaction brings immediate scale to Lantronix, with revenues from the combined company expected to total more than US$100 million on an annual basis.(US$1 = RM4.222)
According to a statement, the acquisition will bring complementary IoT connectivity products and capabilities, including switching, Power over Ethernet (PoE) andmedia conversion and adapter products.
Lantronix sees significant operating and product development synergies in the combined company and expects significant day one synergies will drive immediate non-GAAP earnings accretion upon closing, and the company further expects to realise US$7 million in annual run rate synergies over the course of the first 24 months.
Lantronix, headquartered in Irvine, California, will release guidance for its fiscal year 2022 on its fourth quarter fiscal year 2021 earnings conference call, with that date to be named shortly.
Silicon Valley Bank, the bank of the world’s most innovative companies and their investors, along with SVB Capital, provided acquisition financing. O’Melveny & Myers LLP served as legal adviser to Lantronix.
Lantronix Inc is a global provider of secure turnkey solutions for the Internet of Things (IoT) and Remote Environment Management (REM), offering Software as a Service (SaaS), connectivity services, engineering services and intelligent hardware.
For more information, visit www.lantronix.com.
-- BERNAMA
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