Oct 15, 2001 : Netopia Closes Cayman Acquisition
📅 - Netopia, Inc. (netopia.com), announced that it hascompleted the previously announced acquisition of Cayman Systems, Inc., adeveloper and supplier of business class ADSL and ethernet routers.
The Cayman acquisition strengthens Netopia's position in the broadbandgateway market by expanding its customer base to include Cayman's currentcustomers, ILECs SBC Communications Inc., BellSouth Telecommunications,Inc., and Comcast, a leading cable provider. The acquisition will beaccounted for under the purchase method and is expected to result in aone-time charge for in-process R&D to be taken in the quarter ending Dec.31, 2001.
"We are confident that combining Netopia's and Cayman's talented personnel,product lines, strong customer relationships, development and service willhelp us achieve our goal of being a market leader for both business classcustomer premise equipment and the rapidly emerging market for broadbandresidential gateway products," said Alan Lefkof, Netopia's president andCEO. "Netopia and Cayman products are used on a regular basis by more thanone million Internet users. We will continue to develop and market productsthat meet the needs of carriers and service providers worldwide."
Netopia intends to maintain Cayman's facility in Billerica, Massachusetts.
The Cayman acquisition strengthens Netopia's position in the broadbandgateway market by expanding its customer base to include Cayman's currentcustomers, ILECs SBC Communications Inc., BellSouth Telecommunications,Inc., and Comcast, a leading cable provider. The acquisition will beaccounted for under the purchase method and is expected to result in aone-time charge for in-process R&D to be taken in the quarter ending Dec.31, 2001.
"We are confident that combining Netopia's and Cayman's talented personnel,product lines, strong customer relationships, development and service willhelp us achieve our goal of being a market leader for both business classcustomer premise equipment and the rapidly emerging market for broadbandresidential gateway products," said Alan Lefkof, Netopia's president andCEO. "Netopia and Cayman products are used on a regular basis by more thanone million Internet users. We will continue to develop and market productsthat meet the needs of carriers and service providers worldwide."
Netopia intends to maintain Cayman's facility in Billerica, Massachusetts.
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