US - Norwegian TANDBERG Television buys venture-backed SkyStream for $80m

Under the terms of the agreement, TANDBERG Television will acquire SkyStream for a mix of cash and TANDBERG Television shares. The total consideration will be $80m and the completion of the transaction is subject to a number of standard conditions. The transaction is expected to close in April 2006.

US-headquartered SkyStream focuses on IP video delivery solutions and employs approximately 100 people across North America and in the UK, China and Korea. Founded in July 1996, the company has delivered seven years of sequential revenue growth and achieved profitability in Q4 2005. The company posted 2005 revenues of $30.7m, up 43% on 2004, and with a gross margin of 65%.

SkyStream has previously secured funding from 3i US, AOL Time Warner Ventures, Amerindo Investment Advisors, Comcast Interactive Capital, Crosslink Capital, Granite Global Ventures, IVP, Intel, Integral Capital Partners, Mayfield, Norwest Venture Partners, WestBridge Ventures and Shaw Ventures.

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