Scopus
Information Technology & Services - San Jose, California, United States
Scopus Details
Harmonic Inc. (NASDAQ: HLIT) a leading provider of broadcast and on-demand video delivery solutions, announced that it has completed the acquisition of Scopus Video Networks Ltd. (NASDAQ: SCOP) for $5.62 per share in cash, which represents an enterprise value of approximately $50 million, net of Scopus' cash and short-term investments. The acquisition strengthens Harmonic's technology and market leadership, particularly in the broadcast contribution and distribution markets, in addition to increasing the global customer base. Scopus' customers will be supported by the expanded regional Harmonic sales and support teams, and through channel partners. Harmonic continues to expect cost synergies of $8-10 million on an annualized basis once Scopus becomes fully integrated into the existing Harmonic organization and management structure. The transaction is expected to be accretive to Harmonic's non-GAAP earnings in 2009, exclusive of the amortization of intangibles and non-recurring charges such as restructuring and transaction costs. Harmonic will determine the appropriate purchase accounting for the transaction upon closing its first quarter of 2009 and, accordingly, cannot reasonably estimate the impact on GAAP earnings at this time. See "Use of Non-GAAP Financial Measures" below.
