Fluke Networks Inc., Everett, Wash., recently signed an agreement to acquire Microtest Inc., Phoenix, a producer of test and connectivity products. Under the terms of the agreement, Fluke will acquire Microtest in a cash transaction valued at approximately $74 million, or approximately $8.15 per share.
“We greatly respect Microtest's pioneering of the cable test industry and the numerous products they have successfully brought to market over the past few years,” says Chris Odell, president of Fluke. “The complementary combination of Microtest and Fluke Networks will strengthen our ability to deliver timely Network SuperVision solutions, compete more effectively in the marketplace, and better respond to the rapidly changing needs of cabling and networking professionals around the world.”
According to Vincent C. Hren, president and CEO of Microtest Inc., selling to Fluke Networks made the most sense for the company's employees, shareholders, and customers.
“We respect Fluke Networks' commitment to win in its markets, and find their pursuit of excellence closely models our own,” he says. “This acquisition will only positively impact the marketplace.”
The announcement to acquire Microtest follows Fluke's recent acquisition of Fotec Inc., in which Fluke acquired all of the company's products, technologies, and employees. Financial terms of that agreement were not disclosed.