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Reliance Industries has signed an agreement to acquire US-based open telecom solutions Radisys, according to a statement. "The cash acquisition is aimed at cementing Jio's position in the futuristic areas such as 5G and Internet of Things (IoT).
Sources familiar with the development said that the deal involves a valuation of roughly 74 million dollars, and that Radisys will be delisted
With headquarters in Hillsboro, OR, Radisys has nearly 600 employees. The Nasdaq-listed company also has an engineering team in Bangalore, along with sales and support offices globally, a joint statement by the two companies said.
"Radisys Corporation … a global leader in open telecom solutions … and Reliance Industries Limited, India's largest private sector company has entered into a definitive agreement under which it will acquire Radisys for USD 1.72 per share in cash, "the statement said.
'shareholders. It is slated to close in the fourth quarter of 2018.
RIL plans to fund the transaction through its internal accruals, the statement added.
"Radisys' top-clbad management and engineering team offer Rapid Reliance 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, "Akash Ambani, Director of Reliance Jio said.
The acquisition is aimed at accelerating Jio's innovation and technology in the areas of 5G, IOT and open source architecture adoption.
"The Radisys team will continue to work independently on the future of growth, innovation and expansion. ability to develop and integrate large-scale, disruptive, open-centric end-to-end solutions, "Brian Bronson, CEO of the US based compa ny said.
Disclaimer: "Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. "
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