News
Indian conglomerate to pay $1.72-per-share for US software specialist
Reliance Industries has agreed to acquire Radisys with a view to boosting the software capabilities of its upstart mobile operator unit Reliance Jio Infocomm, particularly in the areas of 5G and Internet of Things (IoT).
Reliance will pay US$1.72 per share in cash for the U.S.-based tech firm, the two companies announced late last week. They expect the deal to close by the end of the year.
The purchase price values Radisys at around $75 million, according to the Economic Times and other financial publications.
"Reliance and Jio have been disrupting legacy business models and establishing new global benchmarks," said Reliance Jio director Akash Ambani.
"Radisys’ top-class management and engineering team offer Reliance rapid innovation and solution development expertise globally, which complements our work towards software-centric disaggregated networks and platforms, enhancing the value to customers across consumer and enterprise segments," he added.
"This acquisition further accelerates Jio’s global innovation and technology leadership in the areas of 5G, IoT and open source architecture adoption," Ambani said.
Radisys is headquartered in Oregon, in the U.S., and has a global workforce of close to 600, including a Bangalore, India-based engineering team and a number of sales and support offices worldwide.
"The backing and support of India-based global conglomerate Reliance will accelerate our strategy and the scale required by our customers to further deploy our full suite of products and services. The Radisys team will continue to work independently on driving its future growth, innovation and expansion," said Radisys CEO Brian Bronson.
"The addition of Reliance’s visionary leadership and strong market position will enhance Radisys’ ability to develop and integrate large-scale, disruptive, open-centric end-to-end solutions," he said.
