Motorola Completes Acquisition of Tut Systems, Inc.
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Press release date: March 30, 2007
SCHAUMBURG, Ill., March 30 -- Motorola, Inc. (NYSE: MOT) announced that it has completed its acquisition of Tut Systems, Inc. (Nasdaq: TUTS). The transaction has a total equity value of approximately $39 million on a fully diluted basis. Tut Systems delivers industry-leading content processing and distribution products for deploying next-generation video and Internet Protocol (IP) services over broadband networks. More than 160 service providers including telecommunications carriers, cable operators, entertainment companies and government agencies worldwide use Tut Systems products.
The integration of Tut Systems' solutions with Motorola's industry-leading digital video delivery solutions will expand Motorola's ability to help service providers deploy advanced video services over IP, ATM, or RF-based network architectures. Motorola currently has deployed 2,060 digital video networks and more than 50 million digital video set tops worldwide. As previously announced on December 21, 2006, the two companies signed a definitive merger agreement under which Motorola has now acquired all of the outstanding shares of Tut Systems common stock. The transaction was approved by the stockholders of Tut Systems on March 6, 2007 and was completed today. With the completion of the transaction, trading in Tut Systems common stock will be suspended at the close of business today.
About Tut Systems, Inc.
Tut Systems, Inc. delivers advanced content processing and distribution products as well as comprehensive system integration services for deploying next-generation data and video services over broadband networks. Service providers, content providers and government agencies worldwide use Tut Systems solutions to deliver broadcast-quality video over broadband networks. Tut Systems is headquartered in Lake Oswego, OR. For more information, visit http://tutsys.com or call (971) 217-0400.
Motorola is known around the world for innovation and leadership in wireless and broadband communications. Inspired by our vision of Seamless Mobility, the people of Motorola are committed to helping you get and stay connected simply and seamlessly to the people, information, and entertainment that you want and need. We do this by designing and delivering "must have" products, "must do" experiences and powerful networks -- along with a full complement of support services. A Fortune 100 company with global presence and impact, Motorola had sales of US $42.9 billion in 2006. For more information about our company, our people and our innovations, please visit http://www.Motorola.com.