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PCTEL Pays $18M for TelWorx (7/10/12)
PCTEL acquired the assets of TelWorx Communications, a North Carolina-based company with expertise in delivering wireless and fiber-optic solutions into the enterprise, defense, transportation and carrier markets. The acquisition also includes TowerWorx, a provider of mobile towers for defense, industrial wireless and other applications. PCTEL paid $16.5 million for TelWorx with a potential stock-based earn-out that would bring the total consideration to $18 million.
TelWorx focuses on global procurement, custom engineering of RF solutions, rapid delivery and deployment of systems, and value-added reselling of antennas, related RF components and other communications elements.
While the specific terms of the earn-out were not disclosed, it is dependent on the achievement of PCTEL revenue and earnings goals in 2013. PCTEL anticipates about $9 million in incremental 2012 revenue and $20 million to $23 million in 2013 revenue as a result of the acquisition.
“TelWorx gives us real strength in the important area of designing and delivering RF system solutions and expands our field of play,” said Marty Singer, chairman and CEO of PCTEL. “In addition to supervisory control and data acquisition (SCADA) and various wireless vertical markets, TelWorx gives us immediate traction in data centers, carrier markets and defense applications. TelWorx also brings to PCTEL an established e-commerce operation.”
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