18th Feb 2014 09:23
LONDON (Alliance News) - Communications technology company Spirent Communications PLC Tuesday said it has entered into a definitive agreement to acquire the business of DAX Technologies Corp, for a cash consideration of USD37.0 million.
The group said the acquisition will be funded from existing cash resources, and will strengthen its service assurance portfolio.
DAX Technologies, the New Jersey-based company, provides customer experience management solution software. For the year ended December 2013, its reported a pretax profit of USD6.8 million, and gross assets of USD6.8 million.
Spirent said it expects the acquisition to be earnings enhancing and cash generative in the first full year, and have a return on investment in excess of cost of capital.
Shares in Spirent were trading 0.1% lower at 104.50 pence Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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