Harris Corp. has signed a deal to acquire Optimal Solutions Inc. (OSi) for approximately $32 million in cash.
Based in Kansas City, OSi is a privately held provider of airtime sales, traffic and billing software systems to more than 350 call-letter broadcast stations in North America. OSi's revenue for the year--which ended March 31, 2006--was about $5 million and it currently has about $27 million in revenue under contract.
"We are proud to add our software offering and talent to the Harris team. Both customers and employees will benefit from the size and resources of Harris, and the long-term commitment Harris has made to the media industry," said Ed Adams, president of OSi.
Harris says the acquisition will help it expand its capabilities for managing and schedule advertising and programming for broadcasters. The deal is subject to customary closing conditions, and OSi shareholders may receive additional payments over the next three years. The transaction is expected to close in early May, and is expected to be accretive in fiscal year 2007.
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