- Strategic acquisition extends VIAVI's reach into
aerospace, defense and industrial end markets
- Broadens VIAVI's portfolio with highly complementary
product offerings
- Accelerates entry into high growth
applications such as autonomous air, land and sea
systems
CHANDLER, Ariz., Dec. 13,
2024 /PRNewswire/ -- Viavi Solutions
Inc. (VIAVI) (NASDAQ: VIAV) today announced that it has
signed a definitive agreement to acquire Inertial Labs, Inc. for
initial consideration of $150 million
at closing and up to $175 million of
contingent consideration over four years. VIAVI intends to fund the
transaction through cash on hand.
The acquisition is expected to add approximately $50 million to VIAVI's Network and Service
Enablement (NSE) annual revenue in calendar year 2025 and is
expected to be accretive to EPS within 12 months of closing.
The acquisition has been approved by the Board of Directors of
each company and is expected to close during the first quarter of
calendar year 2025, subject to certain regulatory approvals and
customary closing conditions.
Headquartered in Leesburg,
Virginia, Inertial Labs is a leading developer, producer and
supplier of high-performance orientation, positioning and
navigation solutions for aerospace, defense and industrial
applications. The company offers Inertial Measurement Units (IMU),
Inertial Navigation Systems (INS), Assured Position Navigation and
Timing (APNT), GNSS Tracking, LiDAR Scanning, Alternative
Navigation (ALTNAV) and Visual Navigation solutions, which are
highly complementary to VIAVI's existing PNT and other aerospace
and defense solutions.
Additionally, Inertial Labs' solutions include enablement of
utility inspection through LiDAR and photogrammetry algorithms, and
smart system navigation for both airborne and autonomous ground
vehicles to accelerate VIAVI's entrance into industrial and
autonomous delivery and transportation end markets.
"With a highly complementary product portfolio focused on
alternate navigation solutions, this transaction supports VIAVI's
strategy to expand our presence in domestic and international
aerospace and defense segments and accelerates our entry into
autonomous air, land and sea systems in the military and industrial
end markets," said Oleg Khaykin,
President and CEO of VIAVI.
"We are excited that our expertise, precision solutions and
resources provide expansion opportunities for VIAVI in high growth
markets and applications such as drone-based LiDAR and camera
systems," said Jamie Marraccini,
President and CEO of Inertial Labs.
About VIAVI
VIAVI (NASDAQ: VIAV) is a global provider
of network test, monitoring and assurance solutions for
telecommunications, cloud, enterprises, first responders, military,
aerospace and railway. VIAVI is also a leader in light management
technologies for 3D sensing, anti-counterfeiting, consumer
electronics, industrial, automotive, government and aerospace
applications. Learn more about VIAVI at www.viavisolutions.com.
Follow us on VIAVI Perspectives, LinkedIn and YouTube.
About Inertial Labs
With over 20 years of industry
experience, Inertial Labs is a leading designer, integrator, and
manufacturer of cutting-edge Inertial Measurement Units (IMUs),
GPS-Aided Inertial Navigation Systems (INSs) and Attitude &
Heading Reference Systems (AHRSs). Our team leverages highly
accurate and temperature calibrated MEMS gyroscopes and
accelerometers to provide high performing inertial solutions across
many applications. Solutions include Inertial Sensing, Assured
Position Navigation and Timing (APNT), GNSS Tracking, LiDAR
Scanning, Alternative Navigation (ALTNAV), Visual Navigation and
Programmable Navigation Solutions.
Safe Harbor
This press release contains
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and is subject to the safe harbors created
therein. The forward-looking statements include, but are not
limited to, information regarding the ability of VIAVI and Inertial
Labs to complete the acquisition, including the satisfaction of the
conditions to the consummation of the acquisition, and the
expected, estimated and anticipated impact of the transaction on
VIAVI's strategy and future financial results. These
forward-looking statements involve risks and uncertainties that
could cause VIAVI's results to differ materially from management's
current expectations. Such risks and uncertainties include, but are
not limited to, unforeseen changes in the strength of customers'
businesses and high growth markets; unforeseen changes in the
demand for current and new products, technologies, and services;
customer purchasing decisions and timing; unforeseen changes in
future revenues, earnings and profitability of VIAVI or Inertial
Labs; the risk that VIAVI is not able to realize the savings or
benefits expected from integration of Inertial Labs; the risk that
the required regulatory approvals for the proposed acquisition are
not obtained, are delayed or are subject to conditions that are not
anticipated; and those risks and uncertainties discussed in VIAVI's
Annual Report on Form 10-K filed with the Securities and Exchange
Commission on August 16, 2024 and
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on November 1,
2024.
The forward-looking statements included in this release are
valid only as of today's date except where otherwise noted. Viavi
Solutions Inc. undertakes no obligation to update these
statements.
Media Inquiries:
Amit Malhotra
pr@viavisolutions.com
+1 202 341 8624
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SOURCE VIAVI Solutions
