Lindon, UT -- MaxStream announced it has been acquired by Digi International, of Minnetonka, Minn. The $38.5 million MaxStream purchase was finalized this week in one of Utah's largest technology company acquisitions.
"Digi International is a well-respected global leader in commercial grade device networking applications. Adding MaxStream's product line, engineering talent, and stellar sales force will enable them to broaden their brand and product offering," said Brad Walters, MaxStream president and CEO. "This acquisition is truly beneficial for both organizations. Over the course of the past year, we have been courted by a number of companies seeking to acquire MaxStream. Ultimately, we felt Digi was the right fit for our technology, our culture and our future. This acquisition is focused on growth and the combination of technologies to enhance our product portfolios."
"This is an exciting acquisition for us. Not only is this a strong strategic and financial story, but it is also a terrific cultural fit," said Joe Dunsmore, CEO of Digi International. "We have found MaxStream to be an open, high-integrity culture, where great listening and teaming are highly valued, and where innovation is ingrained. We have found the management team to be entrepreneurial and yet very disciplined, allowing them to lead the company to high revenue growth and consistent profitability. These values are very compatible with the Digi culture."
"We are very pleased with this agreement, and are encouraged that Digi International is investing in the future of MaxStream, its employees and in the strength of Utah's economic development," said Ron Heinz, executive director of Canopy Ventures. "This deal is a metaphor about the success Canopy's portfolio companies are achieving. This deal between Digi International and MaxStream is just the beginning."
SOURCE: MaxStream, Inc.