Alphawave acquires Precise-ITC for USD25 million; secures partnership

(Alliance News) - Alphawave IP Group announced on Thursday it has acquired internet provider ...

Alliance News 2 December, 2021 | 11:38AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Alphawave IP Group announced on Thursday it has acquired internet provider Precise-ITC Inc for up to USD25 million.

The full payment by Alphawave is based on achievement of certain performance milestones.

The acquisition is the Toronto-based technology and connectivity service provider's first since its listing in London in May.

The acquisition is expected to be completed in January 2022, and start contributing revenue later in the year.

"At our IPO we discussed team and technology acquisition opportunities to further accelerate our growth and we are pleased to announce our first acquisition. Precise-ITC has been a great partner of Alphawave since 2019. They have built a high-end and profitable business with an international customer base. Now as one team, we will have an expanded and vertically integrated portfolio of communications IPs to service the most advanced global customers in the networking and data centre space," said Chief Executive Officer Tony Pialis.

Alphawave has also announced it has completed all significant milestones for its China Product Partnership.

The company had originally signed a USD54 million multi-year exclusive subscription reseller agreement with VeriSilicon in February but Alphawave, VeriSilicon and WiseWave have now agreed to consolidate all reselling activities and product development activities within WiseWave.

WiseWave was founded as a Chinese semiconductor device company focused on the mainland Chinese market and the consolidation has no material impact on the combined value of the WiseWave and VeriSilicon transactions.

Shares in Alphawave were down 3.3% at 205.00 pence on Thursday in London.

By Heather Rydings;

Copyright 2021 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Alphawave IP Group PLC Ordinary Shares 130.40 GBX -2.98 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.