Anite acquires Finnish software channel

Anite, which provides software solutions to the international wireless and leisure travel industries, has acquired the Propsim channel emulation product set of Elektrobit Corp., of Finland.

The product set is being bought for €31m (around £26m), which will be paid in full in cash on completion on January 31st 2013, on a cash free/debt free basis, from Anite's existing cash and banking facilities.

Propsim, which develops radio frequency channel emulation test equipment, comprises a range of radio channel hardware and software products, associated research and development capability, as well as sales and marketing capacity.

In the year ended December 31st, Prosim's revenues are expected to be reported at €16.1m with an operating profit of €1.3m.

Before transaction and integration costs, the acquisition is expected to enhance Anite's adjusted earnings per share in the first full year of ownership.

Christopher Humphrey, Anite's Chief Executive said: "The increasing market demand for more integrated wireless laboratory test solutions makes Anite a natural fit for Propsim.

"Anite's established market and technology leadership, and its substantial global sales and support footprint, combined with the acknowledged expertise and market leading channel emulation solutions in the Propsim brand, creates a dedicated supplier with a more complete product offering.

"The product line we are buying is an excellent addition and a good fit with Anite's Handset Testing business and the acquisition is expected to be enhancing to adjusted earnings."

NR