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Harris to acquire Encoda Systems for $340 million in cash

Harris has signed a definitive agreement to acquire Encoda Systems Holdings, a supplier of software and service solutions for the broadcast media industry. It includes television, radio, cable, satellite, and advertising agency customers around the world.

Encoda's workflow solutions include traffic and billing, program scheduling systems, and automation and media asset management solutions that complement Harris' existing automation business.

Encoda Systems, a privately held company, has about 700 employees with operations in the United States, Canada, the UK and Australia. It serves more than 600 customers in 34 countries.

Encoda revenue for the 12 months ending June 30, 2004, was $124 million. Harris will acquire Encoda Systems for about $340 million in cash, subject to post-closing adjustments, customary closing conditions and regulatory approvals.

The transaction is expected to close in early November.

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