NETGEAR Completes Asset Acquisition of Customer Networking Solutions Business of Westell Technologies, Inc.
SAN JOSE, Calif., April 18, 2011 - NETGEAR®, Inc. (NASDAQGM: NTGR), a global networking company that delivers innovative products to consumers, business and service providers, today announced that on April 15, 2011, it completed the asset acquisition of the Customer Networking Solutions ("CNS") division of Westell Technologies, Inc. ("Westell").
On March 17, 2011, NETGEAR entered into an Asset Purchase Agreement with Westell to purchase certain intellectual property and other assets of CNS at a purchase price of approximately $33.5 million. NETGEAR will inherit almost all of the customers of CNS and the CNS product line will be incorporated into NETGEAR's service provider line of products.
Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, "We are pleased to announce the completion of the Westell CNS business acquisition. With this acquisition, we look forward to further strengthening our share in the service provider market, especially in the United States. We extend a warm welcome to their employees and customers, and we anticipate demonstrating significant benefits to our existing customers by leveraging their technology and human capital in the near future."
With the completion of the asset acquisition, 25 individuals from CNS's engineering, sales and operations teams will be integrated into NETGEAR's service provider business under Michael Clegg, Senior Vice President and General Manager of NETGEAR's service provider business unit.
About NETGEAR, Inc.
NETGEAR (NASDAQGM: NTGR) is a global networking company that delivers innovative products to consumers, businesses and service providers. For consumers, the company makes high performance, dependable and easy to use home networking, storage and digital media products to connect people with the Internet and their content and devices. For businesses, NETGEAR provides networking, storage and security solutions without the cost and complexity of Big IT. The company also supplies top service providers with retail proven, whole home solutions for their customers. NETGEAR products are built on a variety of proven technologies such as wireless, Ethernet and powerline, with a focus on reliability and ease-of-use. NETGEAR products are sold in over 28,000 retail locations around the globe, and through more than 37,000 value-added resellers. The company's headquarters are in San Jose, Calif., with additional offices in 25 countries. NETGEAR is an ENERGY STAR partner. More information is available at www.netgear.com/ or by calling (408) 907-8000. Connect with NETGEAR at twitter.com/NETGEAR and http://www.facebook.com/NETGEAR.
Contacts:
Joseph Villalta
The Ruth Group
(646) 536-7003
jvillalta@theruthgroup.com
SOURCE NETGEAR, Inc.
Web Site: www.netgear.com
