IP data acceleration technologies will complement ViaSat
(CARLSBAD, Calif., February 20, 2007) -- ViaSat Inc. (Nasdaq:VSAT), a producer of innovative satellite and other wireless communication products that enable fast, secure and efficient communications to any location, has acquired privately-held Intelligent Compression Technologies Inc. (ICT). ICT provides corporations, internet service providers (ISPs) and satellite/wireless carriers with patented data compression techniques, advanced transport protocols and application optimization to substantially increase the speeds of either narrowband or broadband terrestrial, wireless or satellite services.
Terms of the transaction include an initial purchase price of approximately $20 million (comprised of approximately $6.5 million of cash and approximately 416,727 shares of ViaSat common stock) and additional consideration of up to $34.3 million to be paid in cash and/or stock based on ICT meeting certain financial performance targets over the next two years. The acquisition is expected to have no material impact to ViaSat non-GAAP (pro forma) earnings during the next twelve months. However, ViaSat has not completed its valuation analysis and, accordingly, has not determined the impact to GAAP earnings.
"This acquisition complements virtually all of our satellite and data link networks with leading edge compression and acceleration technologies," said Mark Dankberg, ViaSat chairman and CEO. "We've found that the ICT Accelenet family of products substantially speeds web browsing and accelerates leading office applications, while simultaneously reducing network congestion. These benefits can extend to any of our consumer, enterprise or government customers."
"ViaSat has a technology and business culture where our business and people can thrive, and there are many opportunities for us to successfully grow our business while also applying our talents to give ViaSat products an additional advantage in the marketplace," said Michael Slygh, president of ICT.