November 04, 2010
PACE, the Yorkshire digital television technology company, has bought a specialist in the 'payTV' market for £28.75m.
In a short announcement to the Stock Market this morning, Saltaire-based Pace said the consideration for Latens Systems, of Belfast, was payable in cash.
The acquisition sum will not exceed £28.75m, of which £10m is deferred and payable in 2012 subject to a number of conditions being met.
Latens Systems also has offices in Hyderabad, India, and Atlanta in the US and offers TV security software.
Pace said last week that its strategy within the 'payTV' market was working and that is expected to deliver a strong second half to its financial year.
The latest purchase follows Pace's completion of a £308m deal for US firm 2Wire.
Source: Business Desk
