Pace sales up 50%, acquires Bewan
March 3, 2010
UK STB manufacturer Pace has reported revenues increased 52 per cent to £1.133 billion (E1.248bn) in the year to end-December 2009, up from £745.5 million the previous year. Profit before tax was up 405 per cent to £69.9 million.
Neil Gaydon, CEO, said: ‘In 2009 Pace delivered exceptional growth and record results and is now number two set-top box provider to the payTV industry globally. We are now the most diverse set-top box business by customer, product and geography. Our scale and product spread underpin our resilience, and provide a powerful platform to deliver ongoing sustainable growth.”
Meanwhile, Pace France has signed a conditional agreement to acquire Bewan Systems, the Paris-based IP and cable gateways specialist. The consideration for the acquisition, part of which is subject to achievement of earn out targets, will be payable in cash and will not exceed E12.5 million. The transaction is expected to be completed during the second quarter of 2010.
Bewan's residential gateway capabilities – including expertise in xDSL and cable DOCSIS 3.0 IP connectivity technologies – will combine with Pace's existing gateway business, enabling Pace to offer converged gateway and digital TV solutions to pay-TV customers. Additionally, the strong relationships Bewan has with several customers in Europe, North Africa and the Middle East will further widen Pace's growing global presence.