Danish Lan supplier Olicom has acquired Token ring specialist Crosscom in a bid to strengthen its position in the IBM enterprise market.
The acquisition brings together Olicom?s Token Ring and ATM strengths in desktop, workgroup and server environments with Crosscomm?s expertise on the backbone, in SNA, routing and high availability networks.
According to Alan McGibbon, vice president of international sales and marketing at Crosscom, the combined company will specialise in delivering end-to-end network solutions to enterprises running networks with mainframe protocols such as SNA and Lan protocols such as TCP/IP. "There is very little technology and customer overlap between the two companies,? he said. "We will compete in the IBM corporate market place with 3Com, Cisco and Bay Networks but where it is just part of there business it will be our major focus."
Each of the approximately 9.3 million outstanding shares of Crosscomm will be exchanged for $5.00 in cash, .2667 shares of Olicom common stock and a three-year warrant.
For fiscal year 1996, Crosscomm had revenues of approximately $45 million and ended the year with cash equivalents of approximately $44 million.
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