Leading audio conferencing solutions provider, ClearOne, announced today that it has acquired NetStreams, Inc. Headquartered in Austin, Texas, privately-held NetStreams has approximately 20 employees and will continue to operate from its current location. NetStreams’ 2009 revenues are anticipated to be in excess of $5 million.
NetStreams is a global leader in digital media networks. Its IP technology appears in a wide variety of applications, including digital signage, corporate video distribution, network operations centers and government facilities. It can also be found in large venues such as the hospitality, entertainment and casino industries. NetStreams’ digital streaming media and control systems support virtually any number of digital or analog sources, including high definition audio and video content. Additionally, it has nearly an unlimited number of networked endpoints.
According to the terms of the transaction, ClearOne paid approximately $2 million in cash and assumed approximately $2 million of long-term debt. The company will also make earn out payments over the next two years based on achievement of certain performance criteria.
Zee Hakimoglu, president and CEO of ClearOne, stated, “The transaction represents a perfect fit for both companies, bringing complementary products and sales channels to both organizations. The combination will change the game by enabling us to provide a comprehensive high definition audio and video solution to deliver the true promise of audiovisual and IT convergence. We welcome NetStreams, their partners and customers to the ClearOne family.”
Kevin Reinis, former NetStreams president and CEO, added, “Both companies have earned stellar reputations for providing the most compelling and complete product solutions in the broad market we both serve. As the global market increasingly embraces the benefits of distributing audio, video and data content efficiently through Internet Protocol technology, the combined company will be an even more powerful industry force.”
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