Suwanee-based communications technology company Arris Group Inc. has agreed to buy BigBands Networks Inc., a video networking service provider founded in Tel Aviv.
The deal is worth a diluted equity value of about $172 million or $53 million net of estimated BigBand cash on hand, according to a news release.
Through the acquisition, Arris gains the company’s experienced staff, technology and research initiatives, which will open up opportunities in different product areas.
BigBands’ main research and development operations are in Tel Aviv and it has offices in China, Germany and Korea.
Bob Stanzione, Arris chairman and CEO, said this purchase will strengthen the company’s product portfolio and its international client base.
“We are both enthusiastic and optimistic about the BigBand acquisition because it builds on our stated business strategy of growing our current businesses into a more complete portfolio … In addition, the acquisition offers new opportunities to expand our customer base worldwide,” he said iin the release.
Arris has facilities in the U.S., Brazil, Chile, China, Ireland, Japan, Korea, Mexico, the Netherlands and Spain.
The company was a finalist in the international trade category for 2011 Governor’s International Awards, which were presented at the Georgia International Convenion Center on Oct. 21.
The World Trade Center Atlanta and the Atlanta Business Chronicle hand out the awards in five other categories: international deal of the year, international education program, new company of the year, individual of the year and lifetime achievement.