Miranda To Acquire NVISION for $40 Million
NVISION, a leader in routing systems for the broadcast industry, has grown rapidly and profitably in recent years. For the 12 months ended Sept. 30, NVISION had revenues of approximately US$34 million and gross margins in line with Miranda’s.
“We have enjoyed a good relationship with Miranda over several years, and I am pleased we will be working together through our next growth phase,” comments Chuck Meyer, president/CEO of NVISION. “By joining forces with Miranda, an industry leader, we gain access to an extensive global distribution network and the ability to offer our customers a broader range of leading-edge products.”
“The proposed acquisition of NVISION will strengthen our overall product offering and competitive stance,” adds Strath Goodship, Miranda president/CEO. “They are a natural fit with our branding, interfacing, and multiviewer product lines and will also bring considerable technical expertise. Furthermore, the business combination confirms Miranda’s position as an industry consolidator and is in line with our growth strategy of focusing on accretive acquisitions. We believe that it is a productive use of our cash, which totaled over CDN$86 million as of Sept. 30, 2008, and believe it will benefit our customers, employees and shareholders.”