Alphawave dishes out $25m in first acquisition following London IPO
Alphawave has bought telecoms firm Precise-ITC for some $25m – its first acquisition since it debuted on the London Stock Exchange earlier this year.
The deal for the Canadian ethernet and optical communications company, which is expected to close in January and contribute to next year’s revenue, intends to supply Alphawave customers with integrated IP technology.
However, investors were seemingly unconvinced by the move, which prompted Alphawave’s shares to dive more than 10 per cent by market close, at 190.60p per share.
“At our IPO we discussed team and technology acquisition opportunities to further accelerate our growth and we are pleased to announce our first acquisition,” CEO and president Tony Pialis said in a statement.
Having partnered with Precise-ITC since 2019, the acquisition will broaden Alphawave’s already 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 center space,” Alphawave’s boss added.
“These customers include leading semiconductor companies and hyperscalers that demand high performance connectivity solutions.”