Harmonic buys Scopus
Harmonic is paying $5.62 in cash for each share to acquire Israel-based Scopus Video Networks. The total being paid is about $51m.
The proposed acquisition is subject to customary conditions, regulatory approvals and the approval of Scopusí shareholders, and is expected to close in the latter part of the first quarter of 2009. Harmonic has received voting agreements supporting the proposed acquisition from shareholders representing approximately 50% of Scopusí outstanding shares.
Harmonic expects to realize cost synergies upon full integration of Scopus of $8-10 million on an annualized basis, making the transaction accretive to Harmonicís non-GAAP earnings in 2009, exclusive of the amortization of intangibles and non-recurring charges such as restructuring and transaction costs.
For the first nine months of 2008, Scopus reported revenues of $55.4 million, an increase of 35% over the comparable period of the prior year. Approximately 79% of these revenues were outside the USA with no single customer representing more than 10% of total revenues. Scopus has approximately 300 employees worldwide.