Overture, a Triangle-based company that sells Ethernet networking technology worldwide, has been acquired by ADVA Optical Networking.

The deal was announced Wednesday morning.

Overture says it was approached by ADVA about making a deal.

The combination doubles the global market share of the firms in Ethernet networking to some 20 percent, according to a data provided by ADVA.

ADVA is based in Munich, Germany.

ADVA is paying $35 million plus a potential of $5 million in earn-outs, according to the networking news sight LightReading. Some 178 Overture employees – “mostly engineers” – will be incorporated into ADVA, its CEO told LightReading.

Overture’s CEO said his firm was approached by ADVA about a possible deal.

“We’ve watched the team at ADVA Optical Networking closely for many years and what’s always impressed us is their commitment. Their commitment to their customers and to each other,” said Mike Aquino, CEO of Overture, in the deal announcement.

“We knew when they first approached us that this would be a good fit. We share many of the same values. What most excites us about this acquisition though, is how our combined teams will move forward, especially in regards to NFV.”

NFV refers to network functions virtualization.

CSPs are communications service providers.

Overture offers virtualization (NFV) solutions for software-defined networking (SDN) and next-generation networks (NGN).

“What we’re creating here is a team more capable than any other in the industry, focused purely on helping CSPs successfully migrate to NFV-based networks,” Aquino added. “Make no mistake, we’re at the first stage of what’s going to be a fun journey.”

ADVA launched in 1994 and went public on the Frankfurt Stock Exchange in 1999.

Its CEO and co-founder, Brian Protiva, is a graduate of Stanford University in electrical engineering. A spokesperson for Overture says Protiva “is the longest standing CEO in the optical-networking industry.”

ADVA provides a variety of intelligent telecommunications hardware, software and services that are utilized by “several hundred” service providers and “thousands” of companies, the spokesperson added.

Financial terms were not disclosed.

Aquino, a former executive at Ciena and with more than 30 years of experience in the communications industry, took over as CEO at Overture in 2012. Aquino replaced Jeff Reedy, who moves to the chief strategy officer role.

“Our acquisition of Overture is a defining moment in the cloud access market. We’re building something remarkable here,” said Brian Protiva, CEO of ADVA Optical Networking, in a statement.

“Firstly, we’re creating a number one player in Ethernet access devices. There’s a full account and product synergy between our companies, ensuring a complete solution set for business Ethernet, mobile backhaul and carrier wholesale applications that can be sold into each other’s customer base.

“Secondly, we have a shared vision for the future of the cloud services market and the virtualized network. Adding Overture’s NFV-pure-play and orchestration solutions to our hybrid NFV solutions, operators can select what best fits their plans.

“And last but not least, we’re creating an incredible team. Overture has great people with a wealth of knowledge. With one united company, we’re going to help CSPs take a huge leap forward. There can be no question that exciting times are ahead.”

In 2013, privately held Overture raised some $18 million in a variety of financing for expansion plans.

Overture shortened its name from Overture Networks in 2012. The company launched in 2000.

ADVA has some 1,500 employees.