Harris Corporation to Acquire Optimal Solutions, Inc.
Expands Broadcast Communications Division Software Offering and Complements Harris Next-Generation H-Class(TM) Total Content Delivery Platform
MELBOURNE, Fla., April 17 / / -- Harris Corporation (NYSE:HRS) has signed a definitive agreement to acquire Optimal Solutions, Inc. (OSi), a privately held provider of air-time sales, traffic and billing software systems to over 350 call-letter broadcast stations in North America. The scalability of OSi's Windows(R)-based platform is unmatched in the industry and can support a single call-letter station or scale to support the largest station groups and network/affiliate relationships with one software installation.
"The acquisition of OSi will further strengthen our portfolio and commitment to provide Total Content Delivery solutions to the industry," said Howard Lance, chairman, president and chief executive officer of Harris Corporation. "OSi expands our capabilities in enterprise-wide software for managing and scheduling advertising and programming for broadcasters, and complements the Harris next-generation H-Class(TM) platform." The H-Class(TM) platform will serve the diverse business models of broadcast networks, cable networks and media content providers as well as the emergence of new services such as IPTV, mobile TV, and on-demand video delivery.
"The combination of OSi and Harris will offer the industry unprecedented value -- across the widest range of customers and business models," said Ed Adams, president of OSi. "We are proud to add our software offering and talent to the Harris team. Both customers and employees will benefit from the size and resources of Harris, and the long-term commitment Harris has made to the media industry."
OSi was founded in 1996 and is based in Kansas City, Missouri. Revenue for the 12 months ended March 31, 2006, was approximately $5 million and the company currently has approximately $27 million in revenue under contract. Harris will acquire OSi for approximately $32 million in cash, subject to customary closing conditions, and OSi's shareholders may receive additional payments over the next three years if certain operating goals are achieved. The transaction is expected to close in early May. The acquisition is expected to be neutral to Harris fiscal year 2006 earnings per share, excluding acquisition-related charges, and accretive in fiscal year 2007.
Harris is an international communications and information technology company serving government and commercial markets in more than 150 countries. With headquarters in Melbourne, Florida, the company has annual sales of over $3 billion and more than 13,000 employees -- including 5,500 engineers and scientists -- dedicated to the development of best-in-class assured communications(TM) products, systems, and services. The company's operating divisions serve markets for government communications, RF communications, broadcast communications, and microwave communications. Additional information about Harris Corporation is available at www.harris.com/ .
Source: Harris Corporation
CONTACT: Pam Padgett, Harris Investor Relations, +1-321-727-9383, or
pamela.padgett@harris.com, or Brent Dietz, Harris Media Relations,
+1-321-724-3554, or brent.dietz@harris.com
Web site: www.harris.com/
