August 30, 2006
Caver-Morehead Systems to Be Acquired by RF Monolithics
Cirronet(TM), Inc. announced today that it has signed a definitive agreement to be acquired by RF Monolithics, Inc. (RFM) of Dallas, Texas. The transaction is expected to close in September and is valued at $24 million, including $4.8 million based on obtaining performance targets. RFM also announced a definitive agreement to acquire Caver-Morehead Systems, Inc., a leading producer of computerized maintenance management system ("CMMS") software. The combination of technologies - Cirronet’s proprietary, Bluetooth and ZigBee products; RFM’s low-power short-range radio technology; and Caver-Morehead’s sophisticated machine monitoring and maintenance management application software - enable comprehensive wireless solutions.
This combination provides Cirronet customers access to a much broader product selection, including comprehensive solutions for wireless sensing applications,” commented Robert Gemmell, president and CEO of Cirronet. “With the combined resources of the three companies, we have the technical talent and portfolio of products to lead the way in the burgeoning M2M, commercial and building automation, and industrial monitoring and control markets. Whether it is a standard solution or a customer-specific solution, we can provide everything our customers need.”
“Delivery of value added applications and services over the Pervasive Internet is one of the most significant technology trends underway today with the opportunity to provide significant productivity and cost improvements to virtually all industries. The combination of RFM’s proprietary low-power short range radio technology, Cirronet’s products incorporating proprietary, Bluetooth(TM) and ZigBee(TM) technology, and Caver-Morehead’s sophisticated Asset Management application software provides RFM a unique capability to provide customers end-to-end Smart Services solutions,” added David Kirk, president and CEO of RFM. “We believe we now offer the broadest range of radios, modules and protocols in the industry and, to our knowledge, no one else combines such a broad line of wireless offerings with a robust enterprise application platform.”
Cirronet will become part of RFM’s Wireless Solutions Group and will continue operations from its Duluth, Georgia facilities. The Wireless Solutions group will be one of the world’s largest commercial/industrial license-free radio products manufacturers, with expected 2007 sales in excess of $30 million.
