Wednesday, May 5, 2010

Harmonic to Acquire Omneon for $274 Million

Harmonic agreed to acquire Omneon for approximately $274 million in cash and stock. The proposed acquisition would combine Harmonic's video delivery infrastructure with Omneon's technology for the production, management and distribution of digital media.



Omneon's customer base includes the BBC, BSkyB, CBS, Comcast, Discovery Communications, Echostar, NBC Universal, News Corporation, Televisa, Turner Broadcasting System, Viacom and many other leading media companies worldwide. For the year ended December 31, 2009, Omneon's revenues were approximately $105 million, of which 67% were outside the United States, with no single customer representing more than 10% of total revenue. Omneon's gross margin was 58% in 2009. The company has approximately 280 employees worldwide, and is headquartered in Sunnyvale, California, with research and development facilities in Sunnyvale and Beaverton, Oregon.


Harmonic's portfolio includes encoding, transcoding, content preparation, stream processing, asset management, edge processing, and delivery platforms. Its customers include broadcast, cable, Internet, mobile, satellite and telecom service providers. Harmonic (NASDAQ: HLIT) is headquartered in Sunnyvale, California with R&D, sales and system integration centers worldwide.

"This proposed combination will position Harmonic to become a global leader in video infrastructure for the digital media industry," said Patrick Harshman, President and CEO of Harmonic. "Media companies are being driven by ever-increasing demand for video content coupled with consumers' desire to consume video anytime and anywhere. At the same time, the dramatic growth of video delivery over broadband and wireless networks is blurring traditional boundaries between content producers and service providers. With our deep customer relationships with content producers and service providers, and with our market leading technologies that span content acquisition through delivery, we believe that our combined company will be uniquely positioned to capitalize on these trends and to accelerate revenue growth."http://www.harmonicinc.com
http://www.omneon.com

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