Altia Systems, based in Cupertino, California (USA), is a leading innovative developer of premium video communications solutions utilizing digital multi-camera array technology. This market is expected to grow significantly from a currently low penetration rate fueled by easy to use (plug and play), integrated audio and video Unified Communications solutions. The products from Altia Systems are currently marketed under the brand PanaCast.
“Altia Systems was one of the first investments we had in our first fund,” said Dayakar Puskoor, Managing Partner at Naya Ventures. “It has been a great pleasure to work closely with the team and help add value to the company, from initial product growth and strategy, to this acquisition. We are extremely proud of Aurangzeb and team, and look forward to seeing continued success from our portfolio companies.”
“Dayakar and the Naya Ventures team have been a steady and strong partner with us in developing Altia Systems and helping propagate our industry-leading technology,” said Aurangzeb Khan, President and CEO of Altia Systems.
The Naya Ventures portfolio company has a total purchase consideration of USD $125 million on a debt and cash free basis. As part hereof around USD $12 million is linked to retention agreements to be expensed by GN Audio during 2019-2021.
The acquisition of Altia Systems allows GN Audio to expand into integrated audio and video communications solutions, supporting companies’ collaboration and meeting efficiency. GN Audio already commands a strong position in the Unified Communications market with the Jabra Evolve line of headphones and leadership in speakerphones for small meeting rooms and personal use with the successful Jabra Speak line of products. Adding video capability to these leading positions gives GN Audio immediate access to the highly attractive market of integrated audio and video solutions for small collaboration rooms – so-called huddle rooms.