CARLSBAD, Calif., June 11, 2015 /PRNewswire/ -- ViaSat Inc. (NASDAQ: VSAT), an innovator in broadband and communication technologies and services, announced today it acquired Engreen, a privately-held company focused on network virtualization. Through the acquisition, ViaSat expects to add management flexibility for its global satellite-ground system.
Engreen's flagship virtualization product provides a path to enhance network management, lower capital expenses, energy and real estate, and minimize overall network complexity.
"Our investment in Engreen reinforces our commitment to the global Ka-band satellite market," said Kevin Harkenrider, senior vice president, Commercial Networks, ViaSat. "This transaction will enhance our ability to rapidly create, deploy and manage services in our Flexible Broadband System."
ViaSat's Flexible Broadband System enables fast and cost-effective satellite broadband services for regional service providers worldwide. The unique system offers an easy entry point to high-capacity satellite networking with scalability to match business growth in any market.
Pawan Uberoy, Engreen CEO, commented, "There are multiple synergies in how ViaSat and Engreen approach network management leveraging enhanced virtualization capabilities. We are looking forward to joining ViaSat and adding value to its global customer base."
In connection with the acquisition, ViaSat establishes a presence in San Jose, California, USA and Bangalore, India. The transaction is not expected to materially affect ViaSat non-GAAP (pro forma) earnings for fiscal year 2016. However, ViaSat has not completed its valuation analysis and, accordingly, has not determined the impact to GAAP earnings.
About ViaSat ViaSat engineers creative ways to connect people to new communication applications with networking systems and services that enable a fast, cost-efficient, secure, and high-performance connection to virtually any location. The Company offers Exede® high-speed internet and broadband services in North America; worldwide mobile satellite services, including global tracking and messaging as well as high-speed in-flight internet; satellite broadband networking systems; Wi-Fi and other hotspot operations, support, and management systems; network-centric military communication systems for the U.S. and allied governments; cybersecurity; and communication system design. Headquartered in Carlsbad, California, ViaSat employs more than 3,400 people worldwide in the areas of technology development, customer service, and network operations. For more information, please visit ViaSat at www.viasat.com, or follow the Company on Facebook, Twitter, LinkedIn and YouTube.
Forward-Looking Statements This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward looking statements include among others, statements that refer to the benefits of and realization of synergies from the Engreen acquisition, including expected resulting enhancements to ViaSat's systems and services; integration activities; the anticipated value of the combined business to customers and partners; the expected performance of Engreen technologies; expected impact of the acquisition on ViaSat's results of operations and financial condition; anticipated growth and trends in the business or key markets of ViaSat, Engreen, and the combined company; and plans, objectives and strategies for future operations. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: the ability of ViaSat to successfully integrate Engreen operations, technologies and employees; the ability to realize anticipated benefits and synergies of the acquisition, including the expectation of enhancements to ViaSat's products and services, greater revenue opportunities, operating efficiencies, and cost savings; the ability to ensure continued performance and market growth of Engreen's business; changes in the global business environment and economic conditions; the availability and cost of credit; the ability to successfully develop, introduce, and sell new products and enhancements; changes in relationships with key customers, suppliers, distributors, resellers, and others as a result of the acquisition; and other factors affecting the communications industry generally. In addition, please refer to the risk factors contained in ViaSat's SEC filings available at www.sec.gov, including ViaSat's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. ViaSat undertakes no obligation to update or revise any forward-looking statements for any reason.