Cable Technology Feature Article
Wheelings & Dealings: Novra Technologies to Acquire Wegener Corporation
By Anil Sharma, TMCnet Contributor
Wegener Corporation (News - Alert), a provider of products for television, audio and data distribution networks worldwide, is to be acquired by Novra Technologies, Inc., which offers premium products and solutions to the datacasting and digital signage markets, in an all stock transaction.
The transaction is subject to Novra's due diligence, the approval of Wegener Corporation shareholders, and other terms and conditions.
"This acquisition represents an exciting improvement for Wegener Corporation and its customers. There are product synergies with very little overlap that strengthen and broaden the offerings of the combined companies," said Troy Woodbury, president and CEO of Wegener Corporation, in a statement.
Woodbury said that being part of the combined companies will improve Wegener Corporation's financial stability while strengthening the company's management in all aspects of its operations including sales and marketing, engineering, and production.
Woodbury said that joining this new organization represents the end of a difficult financial period for Wegener Corporation and will renew the confidence of the customers, shareholders, employees, and the creditors.
"We are working on major projects in Latin America and we believe real progress will be made in the domestic digital signage market during fiscal 2014. Strong improvements have been made in channel partners and digital signage product capability. We are encouraged by the opportunities in the future," he said.
Harris Liontas, president and CEO of Novra Technologies, Inc. said that the product portfolio of the combined companies will provide a powerful suite of capabilities for large-scale networks in radio broadcasting, business music, broadcast video, digital signage and IP-TV.
Liontas said that Wegener Corporation and Westport Research Associates, Inc. are not just simple acquisitions but a merger allowing for the creation of a solutions-based provider that will offer clients a broader scope of reliable products and services, strong network control systems, creative solutions to network communication issues, deeper access to engineering services and reliable cost effective end-to-end solutions.
"Representing the first step in Novra Technologies' strategic vision to combine companies with strong product line, broad install base and operational synergies, these acquisitions are expected to be completed in the first or second quarter of 2014," he said.
Edited by Cassandra Tucker