Sunnyvale, Calif. – Harmonic, a developer of technology used
to deliver video to TVs, PCs and mobile devices, said on Thursday that it will
pay approximately $274 million in cash and stock to acquire Omneon, a developer
of video production and playout systems.
The deal, expected to close after
mid-year, consists of $190 million in cash and 17.1 million shares of Harmonic
stock.
"This proposed combination will position Harmonic to become a
global leader in video infrastructure for the digital media industry,"
said Patrick Harshman, the president and CEO of Harmonic.
Omneon’s clients
include the BBC, CBS, Comcast, Discovery Communications, Echostar, NBC
Universal, News Corp., Turner Broadcasting System and Viacom.
The company,
which has 280 employees, generated $105 million in revenue last year, including
about two-thirds from outside the U.S.
Most of Omneon’s executives
are expected to join Harmonic, including co-founder Lawrence Kaplan, its
co-founder and vice chairman, and Suresh Vasudevan, its president and CEO.
Related Links:
http://www.harmonicinc.com/ah_press_release_text.cfm?ID=900
http://www.omneon.com
