Mindready Acquires Acterna's US-Based ATE Systems
Business
MONTREAL, QUEBEC--JULY 18, 2001 - 14:35 EDT
Mindready penetrates US market while accelerating its
diversification strategy
Mindready Solutions Inc., a leading supplier of test engineering
and real-time communications solutions for the telecommunications,
aerospace and automotive industries today announced that it has
acquired, through its new subsidiary, Mindready Solutions (USA)
Inc., certain assets and contracts of Automated Test Equipment
Systems (ATE Systems), a division of Acterna Corporation
("Acterna") located in Research Triangle Park, North Carolina,
USA. The assets were acquired for cash from a recently formed
management-owned company. Part of the total transaction,
CAN$750,000, will be recorded in Mindready's third quarter 2001
results, as special expenses.
Acterna's U.S. ATE Systems division, formerly known as Wandel &
Goltermann ("W&G") A.T.E. Systems, Inc., is a leading global
provider of telecommunications and data communications test
platforms and turnkey test systems for large designers and
manufacturers of advanced electronics communications products.
Since 1975, the ATE business unit has developed a unique core
competency and test expertise in providing its broad range of
global customers, including Nortel Networks, Alcatel, Visteon,
Fujitsu, Solectron, Celestica, and Siemens, highly-specialized
functional test platforms and test engineering solutions, allowing
them to reduce costs and accelerate time-to-market.
Recently, ATE Systems has been expanding into new vertical markets
such as the fast growing automotive telematics market, by
providing its clients leading-edge design verification and
manufacturing test systems. Telematics integrates consumer
communications and information features including hands-free voice
communications, navigation, in-car computing, and wireless
networking with the standard functions of automotive entertainment
systems. In addition, ATE Systems provides the high-performance,
open architecture AMS-980 Impact Communication Test Platform.
This test platform offers scalable parametric and digital test
capability used by both designers and manufacturers of network
access products.
ATE Systems, located in Research Triangle Park, North Carolina,
USA, is well positioned to serve a leading group of technology
companies located in the area. In addition to its operations
centres located in England and Northern Ireland, this acquisition
coincides with the launch of a new operations centre for Mindready
in the USA, Mindready Solutions (USA) Inc., accelerating
Mindready's international expansion plans. The formation of
Mindready Solutions (USA) Inc. opens up new opportunities for
Mindready as it will facilitate penetration into the large US
market, which currently accounts for only 6% of Mindready's
overall revenues.
As part of this transaction, Mr. Phil Williams and Mr. Viral
Chokshi will join Mindready's corporate management team as Senior
Vice-President, Business Development, A.T.E. Solutions and Senior
Vice-President and Chief Technology Officer, A.T.E. Solutions,
respectively. They will both report directly to Mr Daniel
Dussault, President and Chief Executive Officer of Mindready
Solutions Inc.
"We are very excited about joining Mindready," said Phil Williams.
"Their management team's clear commitment to bring Mindready to a
position of global leadership has represented a key factor in our
decision to join them. Indeed, we are confident this represents
an excellent strategic fit as we share the same vision and values.
We believe that our in-depth expertise and core competencies in
developing high-end test systems will leverage Mindready's
existing test engineering capabilities."
"This is an important milestone in our company's development,"
reported Daniel Dussault. "Recently, I stated publicly our focus
was to carry on our expansion plans with the USA as a top
priority. This acquisition represents our first step in that
direction and we certainly intend to continue carrying out this
expansion strategy. By acquiring this business, Mindready
complements its expertise in test engineering, and is able to
offer a broader range of turnkey solutions to large equipment
manufacturers. It is our intention to continue building our team
of experts with such strategic acquisitions. Eventually, this
acquisition will allow Mindready to accelerate its penetration of
new vertical markets and at the same time diversify its client
base."
"We are very pleased to partner with Mindready in this
transaction," said Sam Tishler, Vice-President, Corporate
Development of Acterna Corporation. "Our most important objective
was to ensure that clients and employees will be supported by a
company that is fully committed to high-level quality standards
and growing its business. We found in Mindready an ideal
candidate. We trust our clients will receive outstanding service,
equalling what they received in the past from ATE Systems".
Mindready Solutions Inc.
Mindready is a leading supplier of test engineering services and
real-time communications solutions for embedded systems for the
telecommunications, aerospace and automotive industries.
Recognized as a leader in IEEE-1394-based products, Mindready
offers complete innovative solutions based on this technology.
Mindready's expertise covers design and development of real-time
applications, as well as complete test engineering solutions for
complex embedded systems. Mindready's clients include Nortel
Networks, Hewlett-Packard, WindRiver, Boeing, Fujitsu, Maxtor,
Xerox and Texas Instruments.
More information about Mindready and its products and services can
be found at www.mindready.com.
Acterna Corporation
Acterna is the world's largest provider of test and management
solutions for optical transport, access and cable networks and the
second largest communications test company overall. Focused
entirely on providing equipment, software, systems and services,
Acterna helps customers develop, install, manufacture and maintain
their optical transport, access, cable, data/IP, and wireless
networks. The company produces annualized revenue of more than $1
billion and serves customers in more than 80 countries with 4,700
employees. Acterna is a subsidiary of Acterna Corporation (NASDAQ:
ACTR).
Information about Acterna can be found on the Web at
www.acterna.com.
Forward-looking statements
Certain statements contained in this press release regarding
Mindready's future operating results or performance or business
prospects and any other statements not constituting historical
facts are "forward-looking statements". These forward-looking
statements reflect only Mindready's current beliefs and specific
assumptions with respect to future business decisions and results
are based on information currently available to Mindready.
Accordingly, these statements are subject to risks, uncertainties
and contingencies, which could cause Mindready's future operating
results, performance or business prospects to differ from those
expressed in, or implied by, these statements. |
