Symmetricom Announces Sale of Video Quality of Experience (QoE) Product Line to Cheetah Technologies
February 12 2010 - 8:00AM
Business Wire
Symmetricom, Inc. (NASDAQ: SYMM), a major supplier of precise
time and frequency technologies, today announced that it has signed
a definitive agreement to sell the assets of its video Quality of
Experience (QoE) business to Cheetah Technologies, L.P. of
Pittsburgh, Pa for $2.25 million in cash. The sale is expected to
close by mid-March, subject to closing conditions.
Under the terms of the agreement, Cheetah Technologies will
acquire the assets related to Symmetricom’s QoE product line and
will hire the majority of Symmetricom’s current QoE team.
“The sale of QoE allows us to focus on strengthening our core
business and extending our time and frequency value proposition
into additional markets,” said Dave Côté, president and CEO of
Symmetricom. “We are pleased that the innovative QoE technology
will be continued by a company whose core business is in video
content, and we plan to work closely with Cheetah to support our
employees and customers through the transition.”
“To meet the demand for a high quality viewing experience, our
customers are becoming much more sophisticated in developing their
video monitoring strategies. They need unified tools and processes
to monitor video quality across their entire network more
effectively – from source to consumer experience,” said Stephen
John, Cheetah’s CEO.
“With the addition of the Video Quality Monitoring Business,
we’re gaining a market-leading solution, which gives service
providers the power to dive deep into video packets throughout
every key part of their network, resulting in fewer service calls
and the finest video experience for their customers. Cheetah now
offers the strongest and most comprehensive combination of source
to experience tools on the market today,” continued John.
About Cheetah Technologies
With a long history in Network Management, Cheetah Technologies
has raised the bar in status, performance and quality monitoring
while pioneering new ground in IP service testing and performance
analysis. Cheetah Technologies’ network management solutions allow
network operators to more efficiently and cost effectively isolate
and troubleshoot multi-layered problems that impact service
quality. The 2009 acquisition of the Cheetah Product Line by
Cheetah Technologies, LP has brought new focus, resources and
energy to the industry leader in HFC Network
Management. Information about Cheetah’s products and services
can be found at www.cheetahtech.com.
Cheetah Technologies is a privately held company which is owned
by the Pittsburgh based investment firms The Hawthorne Group and
Rosetta Capital. The Hawthorne Group is an investment and
management company with holdings in the communications, railroad,
assisted living, soft drink bottling, and real estate businesses.
Rosetta Capital focuses on acquiring operating businesses in
service industries and niche manufacturing.
About Symmetricom, Inc.
As a worldwide leader in precise time and frequency products and
services, Symmetricom provides “Perfect Timing” to customers around
the world. Since 1985, the company’s solutions have helped define
the world’s time and frequency standards, delivering precision,
reliability and efficiency to wireline and wireless networks,
instrumentation and testing applications and network time
management. Deployed in more than 90 countries, the company’s
synchronization solutions include primary reference sources,
building integrated timing supplies (BITS), GPS timing receivers,
time and frequency distribution systems, network time servers and
ruggedized oscillators. Symmetricom also incorporates technologies
including Universal Timing Interface (UTI), Network Time Protocol
(NTP), IEEE 1588 (Precision Time Protocol), and others supporting
the world’s migration to Next Generation Networks (NGN).
Symmetricom is based in San Jose, Calif., with offices worldwide.
For more information, visit http://www.symmetricom.com.
Safe Harbor
This press release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and is subject to the safe harbor created by those
sections. These forward-looking statements include statements
concerning the expected closing of the sale of the QoE business.
The statements in this press release are made as of the date of
this press release, even if subsequently made available by
Symmetricom on its website or otherwise. Symmetricom's actual
results could differ materially from those projected or suggested
in these forward-looking statements. Factors that could cause
future actual results to differ materially from the results
projected in or suggested by such forward-looking statements
include: reduced rates of demand for telecommunication products,
cable products or test and measurement products, our customers'
ability and need to upgrade existing equipment, our ability to
maintain or reduce manufacturing and operating costs, timing of
orders, cancellation or delay of customer orders, loss of
customers, customer acceptance of new products, recessionary
pressures, risks associated with consummating a divestiture,
geopolitical risks such as terrorist acts and the risk factors
listed from time to time in Symmetricom's reports filed with the
Securities and Exchange Commission, including the annual report on
Form 10-K for the fiscal year ended June 28, 2009 and subsequent
Form 10-Q’s and 8-K's.
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