Dover Announces Acquisition of AvaLAN Wireless Systems Incorporated, a Leading Provider of Secure Networking Solutions
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DOWNERS GROVE, Ill., April 19, 2021 /PRNewswire/ -- Dover (NYSE: DOV) announced today that it has completed the acquisition of AvaLAN Wireless Systems Incorporated ("AvaLAN"). AvaLAN is a leading provider of highly-secure wireless and wired Ethernet solutions, along with managed routers, software-as-a-service and cloud-based services that enable operators to securely connect various parts of the site infrastructure and fully utilize modern data-enabled operational, payment and customer engagement technologies. AvaLAN is now part of the Dover Fueling Solutions ("DFS") operating unit within Dover's Fueling Solutions segment.
Located in Huntsville, Alabama, AvaLAN focuses on solving data connectivity challenges by securely connecting difficult-to-reach network edge devices. AvaLAN's solutions solve customers' data connectivity challenges at the network's edge for large retail, enterprise and government customers, and supplies secure, managed, PCI-compliant and easy-to-configure wireless Ethernet solutions. The company is a pioneer in the development of wireless solutions for the retail fueling industry. Wireless solutions are increasingly preferred by operators due to easier deployment compared to wired solutions, as well as streamlined upgrading and maintenance.
AvaLAN positions DFS to capitalize on long-term digitization trends in the fuel retail industry, as its offerings enable more parts of the retail site to be connected, while managed separately, and increase the connection bandwidth allowing for faster data transmission and enhanced functionality of site devices.
DFS President, David Crouse, stated, "Through this acquisition, we are excited to add industry-leading network and infrastructure solutions to our portfolio, especially as secure data transfer and communication becomes a centerpiece in our end-to-end portfolio of forecourt solutions. We estimate 90% of all gas stations in the U.S. will need to invest in communication and network infrastructure in the near future. Offering security software and corresponding hardware adapted for the fuel retail market builds on our record of innovation and product leadership to create a comprehensive suite of forecourt solutions as we further advance our long-term strategy of growing the digitally-enabled value streams in our retail fueling business."
Terms of the transaction were not disclosed.
Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. Dover combines global scale, operational agility, world-class engineering capability and customer intimacy to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at www.dovercorporation.com.
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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