DULUTH, GA. — Cirronet, a developer of proprietary wireless solutions, is being acquired by a Dallas firm in a deal worth $24 million.
RF Monolithics expects to close on the transaction in September. Cirronet will continue to be based in Duluth.
The acquisition includes $4.8 million tied to meeting of performance goals.
RF Monolithics develops lower-power, short-range radio technology.
The company is also acquiring Caver-Morehead Systems, a provider of computerized maintenance management system software. Caver-Morehead is based in Plano, TX. RF Monolithics is paying $4 million for Caver-Morehead with another $2 million in “earn outs” based on performance.
The combined company plans to offer a variety of wireless solutions, such as sensors.
“With the combined resources of the three companies, we have the technical talent and portfolio of products to lead the way in the burgeoning (machine-to-machine), commercial and building automation, and industrial monitoring and control markets,” said Robert Gemmell, chief executive officer of Cirronet. “Whether it is a standard solution or a customer-specific solution, we can provide everything our customers need.”
Gemmell will remain as an executive with the combined company, RF Monolithics said.
Cirronet will be incorporated into RFM’s Wireless Solutions Group.
Cirronet: www.cirronet.com
