ClearOne (CLRO) Acquires NetStreams
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ClearOne (Nasdaq: CLRO) announced it has acquired NetStreams, Inc.
NetStreams is involved in digital media networks based on Internet Protocol (IP) technology that is used in a wide variety of applications, including digital signage, corporate video distribution, network operations centers and government facilities, and large venues in such industries as hospitality, entertainment and casinos.
Under the terms of the transaction, ClearOne paid approximately $2 million in cash and assumed approximately $2 million of long-term debt. In addition, ClearOne will also make earn out payments over the next two years based on achievement of certain performance criteria.
Headquartered in Austin, Texas, privately-held NetStreams has approximately 20 employees and will continue to operate from its current location. NetStreams' 2009 revenues are anticipated to be in excess of $5 million. ClearOne reported revenues of $35.7 million for its fiscal year ended June 30, 2009.[SM]
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