Advertisement

Hopkins tech business making $140M acquisition

Hopkins tech business making $140M acquisition Photo: Digi

Updated: November 08, 2019 08:37 PM

In its biggest acquisition deal ever, Digi International Inc. has agreed to pay $140 million for a critical IT infrastructure company whose customers include Target, Best Buy and Netflix.

The news was made official on the company's website Thursday.

Advertisement

"Joining forces with Opengear gives customers an expansive, high-value, technology portfolio that is hardware-enabled and software-defined," said Ron Konezny, President and CEO of Digi International. "Both companies have a deep commitment to our customers and will continue to invest in product development to deliver business- and mission-critical solutions."

Digi is a Hopkins-based wireless-communication company that provides internet connectivity products and solutions and had annual revenue of $228 million for its fiscal year ended Sept. 30, 2018. The company is expected to announce its fourth-quarter and year-end results Nov. 14.

Opengear was founded in 2004, and its software and appliances help customers manage data centers and remote networks.

Through the first three quarters of 2019, Opengear had revenue of $41.9 million and net income of $13.7 million.

Opengear's customers include 75 of the top Fortune 100 companies. The company has 136 employees and has research and development offices in Silicon Valley and Brisbane, Australia, with its main office in Sandy, Utah.

The deal is expected to close by the end of the year and is dependent on customary conditions, according to the website.

Connect with KSTP


Join the conversation on our social media platforms. Share your comments on our Facebook, Instagram, and Twitter pages.

Credits

KSTP

Copyright 2019 - KSTP-TV, LLC A Hubbard Broadcasting Company

Advertisement

Minneapolis Mayor Jacob Frey likely to get more police officers than proposed

U of M sells thousands of tickets for Outback Bowl in 24 hours

2 St. Paul health clinics that treat low-income, underinsured patients at risk of closing

Minnesota counties must decide to accept or reject new refugees

Democrats poised to unveil 2 impeachment articles vs. Trump

Family of 2-year-old found in Wisconsin river says they are 'broken'

Advertisement