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  • Finisar to Acquire I-Tech
Apr 2005
SUNNYVALE, Calif., April 15 -- Finisar Corp., a provider of fiber optic subsystems and network test and monitoring solutions, has announced a definitive agreement to acquire I-Tech Corp., a private network test and monitoring company based in Eden Prairie, Minn., for approximately $12.1 million in convertible notes, which are convertible into shares of Finisar common stock over a period of one year following the closing, which expected to be this week. The acquired business will be operated as part of Finisar's Network Tools Division, in Sunnyvale.

Under the agreement, Finisar is purchasing all outstanding shares of I-Tech for approximately $12.1 million and, after the payment of transaction costs and expenses, will assume a cash balance of approximately $800,000.

"The acquisition of I-TECH provides the last missing piece to our product portfolio of test and monitoring equipment for storage applications," said Kevin Cornell, senior vice president and general manager of Finisar's Network Tools Division. "As a result of this acquisition, we will be adding new capabilities with respect to our high-channel-count analyzers and the ability to do time-correlated traces in a single box for multiple protocols. We will also be adding new products for bit-error generators for multiple protocols including SCSI, SAS/SATA and Fibre Channel. In addition, I-Tech holds key patents that will be useful in future products to be rolled out later this year."

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