VTEE is a subsidiary of Vision Technologies Systems (VTS), the US headquarters of Singapore Technologies Engineering Ltd (ST Engineering) and will acquire iDirect at an enterprise value of US$165m.

The purchase consideration was arrived at between VTEE and iDirect on a willing buyer, willing seller basis, after negotiations between the parties, taking into account iDirect's past performance, current profitability and future prospects. This transaction will be financed by internal cash resources and debt.

The transaction is subject to regulatory approvals and other closing conditions, including the approval of a majority of iDirect's stockholders at a special meeting. A majority of iDirect's stockholders have agreed to vote in favor of the merger agreement. Upon completion of the merger, iDirect will become a wholly-owned subsidiary of VTEE.

IDirect is a leading manufacturer of two-way internet protocol-based broadband satellite networking solutions. Its customer base includes over 100 companies in the telecommunications services, oil and gas, construction and marine industries, as well as government agencies.

Founded in Virginia in 1994, it has 148 employees and offices in the United Kingdom, Italy and Hong Kong SAR. Winner of the 2004 Product Innovation of the Year award by Frost & Sullivan(1), iDirect has filed 13 patents and has invested approximately US$13m in R&D over the last five years. IDirect's unaudited turnover for first half of 2005 was US$37.1m.

"Joining the ST Engineering Group gives us the opportunity to penetrate new markets. Our products are highly complementary to ST Engineering's satellite communications technologies, and together we will deliver a more complete package of solutions to our customers. The iDirect team has been extremely successful and dedicated to growing our business and providing additional customer benefits. This opportunity will allow the team to take iDirect to even further levels of success."

"The acquisition of iDirect extends ST Electronics' presence in the US and propels us to be a leading global satcom solutions provider", said John Kealey, CEO of iDirect.

"We now have a comprehensive satcom product offering with the integration of iDirect's satcom network equipment and our existing satcom front-end transceiver, marketed under our established Agilis brand."

Related Links
iDirect Technologies
ST Engineering
SpaceDaily
Search SpaceDaily
Subscribe To SpaceDaily Express

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only