HUNT VALLEY, Md.—Network development company Tessco Technologies Inc. announced it purchased Wi-Fi equipment company TerraWave Solutions Ltd., and affiliate GigaWave Technologies Ltd., for $4 million in cash.
Tessco’s stock was down slightly on the news to around $20 per share.
“This acquisition would enhance our wireless broadband product offering, specifically within the 802.11 WLAN market. TerraWave, as a division of Tessco, expects to continue to serve as a Cisco Strategic Technology Integrator partner, as well as the official test bed fulfillment source of the Wi-Fi Alliance,” said Robert Barnhill, Tessco’s chairman, president and chief executive officer. “In addition, the GigaWave division of Tessco would expand our overall training programs and provide Cisco Certified Learning Partner programs for WLAN professionals. … The four industry-respected founders, along with other key employees, will join Tessco and be responsible for the performance of TerraWave and GigaWave as Tessco business units.”
TerraWave offers Wi-Fi infrastructure solutions and accessories to partners throughout the world. The company’s GigaWave affiliate provides training courses for the Wi-Fi industry.
