ViaSat Extends Wi-Fi Capabilities with Acquisition of NetNearU
CARLSBAD, Calif., June 9, 2014 /PRNewswire/ -- ViaSat Inc. (Nasdaq: VSAT), an innovator in satellite and other wireless networking systems and services, has expanded its ability to deliver high-speed satellite services and Internet access with the acquisition of privately-held NetNearU Corp. NetNearU has developed a comprehensive network management system for Wi-Fi and other Internet access networks that can extend ViaSat Exede® services to a growing base of subscribers for multiple markets, including commercial airlines, live events, hospitality, enterprise networking and government broadband projects. Operating as a wholly-owned subsidiary, NetNearU will retain its Bryan/College Station, Texas location—also establishing a ViaSat presence in Texas. The transaction is expected to be accretive to ViaSat non-GAAP (pro forma) earnings for fiscal year 2015. However, ViaSat has not completed its valuation analysis and, accordingly, has not determined the impact to GAAP earnings.
“Wi-Fi is an increasingly important way to access broadband networks and cloud services,” said Mark Dankberg, ViaSat chairman and CEO. “NetNearU’s breadth and depth in Wi-Fi expertise gives us important new ways to deliver more value and convenience from our networks.”
NetNearU provides an easy to deploy, technology-agnostic system for managing public Wi-Fi and other wireless Internet access networks including hotspots, enterprise, campus, and metro installations. NetNearU TRACKOS® software provides automated and real-time provisioning, authentication, billing, roaming, quality of service, advertising, network monitoring, and support. With TRACKOS, NetNearU has become a leader in cloud-based, white-labeled Wi-Fi software and managed services for wireless carriers, cable operators, the U.S. military, and other customers.
“With the combination of transformational ViaSat services and the NetNearU Wi-Fi system, we can deliver a new level of performance in Internet access for consumer, business, and government customers. We are enthusiastic about joining the ViaSat team, and we fit well with their entrepreneurial spirit and technical expertise,” said Cody Catalena, NetNearU president and CEO.
Latham & Watkins LLP served as legal adviser to ViaSat. William Blair & Company LLC served as the financial advisor and Winstead PC as the legal counsel to NetNearU.
About ViaSat (www.viasat.com)
ViaSat creates satellite and other wireless networking systems that efficiently deliver the most bandwidth for fast, secure, and high-quality communications to any location for consumers, governments, enterprises, and the military. The company offers Exede services in North America, which feature ViaSat-1, the world’s highest capacity satellite; worldwide mobile satellite services, including global tracking and messaging as well as high-speed in-flight Internet; satellite broadband networking systems; and network-centric military communication systems and cybersecurity for the U.S. and allied governments. ViaSat also offers communication system design and a number of complementary products and technologies. Based in Carlsbad, California, ViaSat employs over 3,100 people in a number of locations worldwide for technology development, customer service, and network operations.
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward looking statements include statements about NetNearU’s expected contributions to ViaSat earnings and service offerings; higher level of performance in Internet access; projections of earnings, revenues, costs and other financial items of ViaSat; and the anticipated value of the combined business to customers and partners. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: the ability of ViaSat to successfully integrate NetNearU operations and employees; the ability to realize anticipated benefits of the proposed acquisition, including cost savings, synergies, enhanced performance, and other benefits expected from the acquisition; the risk the acquired business and target markets do not evolve as anticipated and the technologies acquired do not prove to be those needed to be successful in those markets; the ability to successfully develop, introduce, and sell new products and enhancements; changes in relationships with key customers, suppliers, distributors, resellers, and others as a result of the acquisition; the potential loss of key employees of the acquired business; diversion of attention of senior management from the operations of ViaSat’s business as a result of post-acquisition integration and related activities; the risks of potential disputes concerning indemnities and other obligations that could result in substantial costs and further divert management’s attention and resources; and other factors affecting the communications industry generally. In addition, please refer to the risk factors contained in ViaSat’s SEC filings available at www.sec.gov, including ViaSat’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. ViaSat undertakes no obligation to update or revise any forward-looking statements for any reason.
Exede is a registered trademark of ViaSat Inc.
TRACKOS is a registered trademark of NetNearU Corp.
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SOURCE ViaSat Inc.
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