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NEW YORK, N.Y., Oct. 4, 2004. IPC Information Systems, LLC, announced today it has entered into a definitive purchase agreement to acquire Orbacom Systems, Inc. for up to $18 million in cash, including deferred consideration and earnout commitments.
IPC will form a new division, consolidating IPC's existing Command & Control operations with those of Orbacom. The combined entity will serve over 1,400 Command & Control customers at over 2,000 locations worldwide.
The closing of the transaction is subject to clearance under the New Jersey Industrial Site Recovery Act, which the Company anticipates within 60 days.
Orbacom provides specialized radio consoles and computer aided dispatch software for use in Command & Control communications. The company serves the mission critical communications needs of government agencies and corporations responsible for public safety dispatch, management of natural gas and energy infrastructures, air, freight and rail transportation, government command applications including homeland security, and critical industrial communications.
"IPC is leading a technology transfer from the private sector financial markets to meet the expanding communication demands of public sector safety, defense and infrastructure security," said Lance Boxer, Chief Executive Officer of IPC. "Traders in the global capital markets are connected by the most advanced communications systems in use today, which are built on the need for split-second coordination among people and markets spanning the globe, and systems that must not go down, even for one minute. IPC is the leading global provider of those communication systems, and with the acquisition of Orbacom and its distribution channel and radio capabilities, we will accelerate our growth in the Command and Control markets."
"We are excited to join IPC in bringing technologically advanced solutions to the global Command & Control market," stated Herb Cohen, Chief Executive Officer of Orbacom. "The presence of IPC radically changes the competitive landscape in this industry. The ultimate beneficiaries will be mission commanders, emergency responders and other providers of vital services."
IPC is a leading provider of mission-critical communications systems and network services to the global financial services industry. With more than 30 years of expertise, IPC provides its systems and services to the world's largest financial services firms, as well as to public safety, utility, transportation and government organizations. The Company has more than 100,000 stations deployed worldwide. IPC offers its customers an integrated suite of products and enhanced services that include its advanced IQMX Voice over IP telephony system, voice and integrated network services to approximately 40 countries, and comprehensive business continuity planning. Based in New York, IPC has over 700 employees throughout the Americas, Europe and the Asia Pacific region. For more information, see www.ipc.com.
Orbacom has been a leader in communications control systems for over 30 years. The company has deployed its technology in over 2,000 dispatch centers worldwide across the public safety, utility, transportation and government sectors. Its installations range from one-person operator to multi-point, wide-area centers. Orbacom offers systems with the leading fault-tolerant and self-healing technologies available. Based in Cinnaminson, N.J., Orbacom has 80 employees. For more information, see www.orbacom.com.
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