LeCroy buys Computer Access Technology for protocol testing
Chestnut Ridge, NY—LeCroy Corp. reports that it recently completed its acquisition of Computer Access Technology Corp. (CATC) for approximately $81 million in cash, following recent approval by CATC’s shareholders.
Chestnut Ridge, NY— LeCroy Corp. reports that it recently completed its acquisition of Computer Access Technology Corp. (CATC) for approximately $81 million in cash, following recent approval by CATC’s shareholders.
“CATC is an ideal complement to LeCroy's business and provides us with an additional growth engine,' says Tom Reslew, LeCroy’s president and CEO. 'CATC's verification systems and connectivity products extend our reach beyond the physical layer to the protocol layer, and enable us to capitalize on the increasing demand for serial data test solutions. We look forward to leveraging these new product offerings to create a more dominant and profitable test and measurement company.'
LeCroy has issued stock options to assume CATC's outstanding unvested stock options. The transaction costs were paid through a combination of the company's existing cash and $50 million of term debt, which is part of a $75 million credit facility underwritten by BNY Capital Markets, Inc., a subsidiary of The Bank of New York Co., Inc. Excluding amortization of acquisition-related intangibles and other charges, LeCroy expects the addition of CATC to be accretive to earnings for the third quarter of fiscal 2005, ending March 31, 2005, which will be the first full quarter of combined operations.
Carmine Napolitano, CATC’s president and CEO, has joined LeCroy's executive management team as president of the firm’s newly formed Serial Data Solutions division. This division will include all of CATC's Santa Clara, CA-based operations and key elements of LeCroy's oscilloscope business aimed at serial data test applications.
LeCroy manufactures serial data test instruments that aid innovation by quickly measuring, analyzing and verifying complex electronic signals. It delivers oscilloscopes, serial data analyzers, and global communications protocol test solutions used by design engineers in the computer and semiconductor, data storage device, automotive, industrial, military, and aerospace markets.
Control Engineering Daily News Desk
Jim Montague, news editor