Gee, the deals are coming fast and furious these days!
After not making an acquisition for nearly three years, Nortel made its third acquisition in the past three weeks by picking up DiamondWare for as much as $10-million.
DiamondWare, a 12-person operation based on Mesa, Arizona, develops 3D high-fidelity audio technology, which is used in games, simulators, conferencing, VoIP and Internet-based radio. It customers include DARPA, the U.S. Special Forces, the U.S. Navy, the U.S. Air Force, game developers, carriers and equipment makers.
“A key goal of Nortel has always been to use technology to replicate the richness of a real-world communications experience,” John Roese, Nortel’s CTO said in a press release. “The acquisition of DiamondWare strengthens Nortel’s position in the converging telecommunications and IT landscapes and gives us another building block to create the ultimate communications experience for our customers.”
Under the terms of the agreement, Nortel will buy all of the outstanding shares of DiamondWare. The acquisition costs, including employee retention and transaction costs, were approximately $7 million in cash, plus up to an additional $3 million o DiamondWare security holders based on business milestones over the next 40 months.
For more coverage, check out the Ottawa Citizen, Jon Arnold and Alec Saunders.
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