TANDBERG to Acquire Codian
Acquisition provides immediate products, solutions and resources for seizing current growth opportunities; enhances TANDBERG technology leadership
NEW YORK AND OSLO, NORWAY, September 6, 2007 - TANDBERG® (OSLO: TAA.OL), a global leader in visual communication, today announced the acquisition of Codian, an award-winning developer of high-definition videoconferencing infrastructure products. The transaction, a combination of cash and stock, is valued at $270m (USD). The acquisition, subject to conventional closing conditions, is expected to close in Q3 2007.
Codian's experienced R&D and sales teams give TANDBERG access to additional resources for accelerating technology innovation and capturing current opportunities within core markets - videoconferencing and telepresence - as well as targeting new opportunities in the broader IP communications marketplace.
As a part of TANDBERG's total solution, Codian's state-of-the-art infrastructure products will provide customers a robust platform for large scale deployments of high-definition videoconferencing systems. The joint solution will greatly improve video quality and ease-of-use for multi-party conferences, enhancing customer experience and increasing meeting productivity.
"Customers are increasingly making video the natural, first choice for communication, which in turn is driving the demand for highly reliable and scalable solutions," said TANDBERG Chief Executive Officer Fredrik Halvorsen. "Adding Codian's talented R&D and sales teams, as well as best-in-class infrastructure products to our total solution, will position TANDBERG to capture current market momentum and pursue a leadership role in the larger IP communications marketplace."
The Codian product line includes enterprise and carrier-class Multipoint Control Units (MCUs), gateways, videoconferencing content servers, and management software. TANDBERG will continue to develop and support the Codian and TANDBERG product lines, including both the Codian MCU platforms and the TANDBERG MPS line of MCUs.
"This is an exciting time for Codian, our customers and our partners," said Codian Chief Executive Officer David Holloway. "Our employees will be joining forces with the technology leader in the visual communication space, and this acquisition will provide Codian customers with access to a complete solution for visual communication. We believe the combined offering will expand the market and bring new revenue opportunities for our channel partners."
Founded in 2002 and headquartered in the United Kingdom, Codian is a privately held company with service and support in the United States, Europe and Asia, with a total of 107 employees. For the first six months of 2007, Codian posted un-audited revenues of approximately $13m (USD).
For more information on Codian visit www.codian.com.
TANDBERG is a leading global provider of visual communication products and services with dual headquarters in New York and Norway. TANDBERG designs, develops and markets systems and software for video, voice and data. The company provides sales, support and value-added services in more than 90 countries worldwide. TANDBERG is publicly traded on the Oslo Stock Exchange under the ticker TAA.OL. Please visit www.tandberg.com for more information.
TANDBERG is a trademark or registered trademark in the U.S. and other countries.
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