Enablence Technologies Inc., announced that it has signed a definitive agreement to sell Teledata Networks Ltd. ("Teledata") to a special purpose vehicle established by Taldan Capital Limited for a nominal cash payment, and the assumption of the estimated $2.8 million working capital liability of Teledata. Completion of the sale is subject to the satisfaction of certain conditions agreed upon by the parties, including obtaining the approval of the TSX Venture Exchange and satisfying other customary conditions for transactions of this nature. The transaction is expected to close following the receipt of several regulatory approvals required under Israeli law, and which are expected to be received in less than 30 days.
Taldan Capital Limited is a private equity group based in Israel and the US, focused on acquiring companies that have fundamental technological leadership in their respective sectors and have the potential to become cornerstone platform businesses with Taldan's insights, industry-specific resources, and operational experience.
Teledata is a market leader of multi-service Access Network technology and solutions, delivering state of the art, carrier grade network access technologies of IP, Ethernet, xDSL, GPON and VoIP to major telecom operators around the world. Teledata’s solutions enable telecom operators a smooth migration to Next Generation Networks (NGN) and a full Triple Play service portfolio. Founded in 1981, Teledata was publicly traded on the Nasdaq during the 1990’s, and previously owned by ADC Telecommunications in the early 2000’s.
“We are very excited to acquire Teledata, a company with a an excellent track record of product innovations supported by a highly experienced R&D team, superior product performance (legacy & next generation), a meaningful installed base in emerging markets, and a sustainable technology product roadmap.” said Uzi Hadar, Co-Founder & Managing Partner of Taldan Capital.
Note: In a February 27 (2012) press release, Enablence reported revenues of $3.6 million, down 59% from the prior year quarter, resulting in a loss from continuing operations of $(2.6) million and Adjusted EBITDA (a non-GAAP measure) loss of $(2.1) million.