LONDON, UK: Calnex Solutions plc (AIM: CLX), a number one supplier of test and measurement options for the worldwide telecommunications sector, introduced the acquisition of iTrinegy Limited. The consideration, calculated on a cash-free, debt-free basis, is £2.5 million in money on completion with as much as a additional £1.0 million depending on achievement of agreed monetary targets.
iTrinegy Limited is a number one developer of Software Defined Test Networks technology for the software program application and digital transformation testing market.
Founded in 2006 and headquartered in Stevenage, UK, iTrinegy’s NE-ONE hardware and software program based Network Emulation platforms present organisations, primarily throughout the technology, financial, gaming and military / authorities sectors, with the ability to precisely recreate complex, real-world community test environments in which to analyse and confirm the efficiency of applications, earlier than deployment. The NE-ONE platform provides customers with perception which enables them to reduce deployment prices and risk whereas on the identical time improving quality.
The iTrinegy NE-ONE platform is additionally relevant for cloud-based and digital development and testing environments, a quickly rising sub-sector of the application development market. Many software program distributors throughout the world are repurposing their on-premise hosted applications and options so as to ship these services via cloud-based hosting. iTrinegy’s software program includes analytics that allow customers to analyse and predict an application’s efficiency when deployed within the cloud or running over distributed networks.
iTrinegy’s buyer base includes organisations such as Juniper Networks, JPMorgan Chase, Ubisoft Games and the Government and Military within the UK and US. In 2021, iTrinegy was awarded the prestigious Queens Award for Export Achievement. Calnex plans to scale the enterprise by utilizing its gross sales and marketing capabilities to build, support and develop a reseller network, particularly into the US, to speed up sales.
iTrinegy generated revenues of roughly £1.4m within the year to 30 September 2021, with a gross margin of round 80%. Approximately 60% of iTrinegy’s income was from North American customers. The enterprise is being acquired on a money free, debt free basis.
The consideration comprises an preliminary money payment of £2.5m, with as much as a additional £1.0m potentially payable in a mixture of new ordinary shares in Calnex and money (the “Earn-out Payment”). The Earn-out Payment is topic to the achievement of sure gross sales targets from iTrinegy merchandise within the year to 31 March 2024. A most of 322,579 new shares will be issued under the Earn-out Payment.
Tommy Cook, Founder and CEO of Calnex, said: “We are delighted to welcome the iTrinegy team to Calnex. With each companies developing excessive quality, complex, technical testing solutions, trusted by a few of the world’s most demanding organisations, we’re particularly excited by the strategic match of the 2 organisations.
The cloud migration taking place throughout a number of sectors and the expansion in internet-based applications is fuelling demand for test options that may analyse, predict and confirm application efficiency over complex, distributed networks. We see nice alternative forward for the NE-ONE technology and look forward to working collectively to speed up iTrinegy’s growth and open up new buyer segments for Calnex.
Following a strong FY22 and a record order book heading into the brand new monetary year, we glance to the future with confidence.”
Calnex designs, produces and markets test instrumentation and options for community synchronization and community emulation, enabling its customers to validate the efficiency of the critical infrastructure related to telecoms networks. To date, Calnex has secured and delivered orders to over 600 buyer websites in sixty eight countries throughout the world. Customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM and Meta.
Founded in 2006, Calnex is headquartered in Linlithgow, Scotland, with additional locations in Belfast, Northern Ireland and California within the US, supported by gross sales groups in China and India. Calnex has a global community of partners, offering a worldwide distribution capability.
www.calnexsol.com