NEW YORK-Alvarion Ltd., Tel-Aviv, Israel, a provider of point-to-multipoint broadband wireless solutions, has signed an agreement to acquire most of the assets of InnoWave ECI Wireless Systems Ltd. from its parent, Wireless Systems ECT Telecom Ltd.
Alvarion will pay $9.7 million in cash and grant warrants to buy 200,000 shares of its common stock at $3 each over five years.
InnoWave provides fixed wireless wideband voice and data point-to-multipoint solutions.
“The opportunity follows our identification of wideband voice and data as a meaningful segment of the broadband wireless market and InnoWave as its clear market leader,” said Zvi Slonimsky, chief executive officer of Alvarion.
“The transaction will improve our competitive positioning in a consolidating market . The two companies operate in adjacent markets and geographies, with a complementary mix of customers and channels.”
