India’s Reliance Industries Ltd has signed an agreement to acquire US-based open telecom solutions provider Radisys.
The cash acquisition is aimed at cementing Jio’s position in futuristic areas such as 5G and Internet of Things (IoT). Sources familiar with the development said that the deal involves a valuation of roughly 74 million dollars, and that Radisys will be delisted post the acquisition.
With headquarters in Hillsboro, Oregon, Radisys has nearly 600 employees. The Nasdaq-listed company also has an engineering team in Bangalore, along with sales and support offices globally, a joint statement by the two companies said in a statement.