Reliance Industries has acquired US-based open telecom solutions provider Radisys which will boost its 5G and Internet of Things (IoT) segment.
The deal is estimated at Rs 506 crore. The Nasdaq-listed Radisys will be delisted post the acquisition.
“Radisys Corporation… a global leader of open telecom solutions…and Reliance Industries Limited, India’s largest private sector company, have entered into a definitive agreement under which Reliance will acquire Radisys for USD 1.72 per share in cash,” a joint statement by the two companies said.
“Radisys’ top-class management and engineering team offer Reliance rapid innovation and solution development expertise globally, which complements our work towards software-centric disaggregated networks and platforms, enhancing the value to customers across consumer and enterprise segments,” said Akash Ambani, Director of Reliance Jio.
More than 600 employees are working for Radisys and in India it has its headquarters at Bengaluru.
Reliance has already acquired Embibe, an artificial intelligence education platform.