Golden Gate Capital completes acquisition of Itronix Corporation
Spokane, WA (October 14, 2003) – Golden Gate Capital announced today that it has completed the acquisition of Itronix Corporation, a leading global provider of wireless, rugged mobile computing solutions, from its parent Acterna Corporation.
“We are pleased to partner with Itronix’s experienced management team and to play a role in guiding the company into its next phase of growth,” said Ken Diekroeger, a Managing Director of Golden Gate Capital. “Itronix offers the premier hardware and services solution for field personnel needing computing power and continuous wireless connectivity in unforgiving environments. We expect the market for wireless, rugged computing to grow significantly in the future and believe Itronix, as a market leader, is well positioned to capitalize on this growth.”
The newly formed independent company will retain the Itronix name and its current management team, led by Chief Executive Officer Tom Turner. Headquartered in Spokane, Washington with offices in the UK, France and Germany, Itronix offers cutting edge rugged computing and wireless communication solutions to field employees in a variety of industries and the military. The company’s line of wireless, rugged laptops, handhelds, and tablets are built to withstand weather, shock and stress in the hands of field technicians at companies like Sears, BellSouth, Verizon and government personnel including the FBI, U.S. Army, Airforce, Navy and Marines.
“We see rugged computing as a differentiated, productivity multiplying and customized product niche market in which Itronix is a leader,” said Prescott Ashe, a Managing Director of Golden Gate Capital. “We believe the products and services developed by Itronix will continue to grow and replace traditional paper-based and non-rugged computing applications in challenging environments.”
The Company said the acquisition will enable Itronix to focus on increasing its core customer base of field service technicians and expand into the rapidly growing market for rugged computing at state, local and federal agencies.
“We are excited to be partnering with Golden Gate,” said Tom Turner, CEO of Itronix. “Their outstanding reputation for investment in growth oriented businesses, combined with significant financial resources, will help us to expand our reach as the preeminent global provider of wireless, rugged computing solutions. We believe we can accomplish this objective through organic growth and future acquisitions.”
About Golden Gate Capital
Golden Gate Capital (http://www.goldengatecap.com) is a San Francisco-based private equity investment firm with approximately $700 million of capital under management. Golden Gate is dedicated to partnering with world class management teams to invest in change-intensive, growth businesses. They target investments of up to $100 million in situations where there is a demonstrable opportunity to significantly enhance a company’s value. The principals of Golden Gate have a long and successful history of investing with management partners across a wide rage of industries and transaction types, including leveraged buyouts, recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing. For more information, visit www.goldengatecap.com.
About Itronix Corporation
Itronix Corporation is a leading developer of wireless, rugged computing hardware and services for field personnel. Itronix’s products include rugged laptops, handhelds, tablets, wireless connectivity services and best-in-class support services. The company’s blue chip customers are in industries including commercial field services, telecommunications, utilities, government, public safety and insurance. Itronix is headquartered in Spokane, Washington. For more information, visit www.itronix.com.