12.12.2008 01:35 AM
Miranda Marries Nvision
Miranda Technologies of Montreal, Quebec, has agreed to buy Nvision of Grass Valley, Calif. for $40 million in cash. Miranda, a signal processing specialist, reported sales of $37.6 million for the quarter ending Sept. 30, 2008, up 19 percent from the previous year. Nvision, a router powerhouse, reported revenues of around $34 million over 12 months to the same date. The companies have comparative gross margins, according to the acquisition announcement. Miranda reported a gross margin as percentage of sales at 62 percent for the third quarter.
Miranda, which ended 3Q with $69 million (U.S.), and will pay for the transaction with available cash on hand as well as a U.S. credit facility. Nvision is expected to generate earnings for the company during 2009. The deal is expected to close by the end of the year.