MANHASSET, N.Y. RF Monolithics Inc. has signed definitive agreements to acquire Cirronet Inc., a wireless data communications and networking company, and Caver-Morehead Systems Inc., a supplier of computerized maintenance management system (CMMS) software.
The acquisitions are projected to give RF Monolithics (Dallas) a comprehensive suite of hardware, protocols, software, and related services necessary to enable customers to readily implement and deploy value added applications and smart services in their operations.
RF Monolithics will acquire Cirronet (Atlanta) for $24.0 million in cash and stock, including $4.8 million subject to the attainment of performance goals after closing. Caver-Morehead (Plano, Texas) will cost RF $4.0 million in cash.
In the year ending Dec. 31, 2005, Cirronet and Caver-Morehead had sales of $10.4 million and $1.7 million, respectively. RF Monolithics expects the acquisitions to contribute $14 million to $16 million of combined sales for RF Monolithic's fiscal year 2007 ending Aug. 31, 2007.
Under the acquisition, Cirronet president and CEO Robert Gemmell will become an executive of RF Monolithics, while Caver-Morehead president William Caver becomes president of Aleier Inc., an RF Monolithics subsidiary, which will acquire all of Caver-Morehead's assets.