Tandberg to Acquire N2 Broadband

Dec 17, 2004  •  Post A Comment

United Kingdom TV equipment company Tandberg Television announced plans to scoop up Atlanta-based N2 Broadband, which provides video-on-demand software and services for cable operators and programmers, including Comcast, Time Warner, Cox and Discovery, A&E and Turner.

Tandberg said it intends to acquire the company through cash and stock totaling between $110 million and $130 million. The acquisition should be completed in the first quarter of 2005.

Tandberg’s specialty is in digital video compression and it has a strong international presence, while N2 has made its mark as a leader in open platforms for VOD in the United States. The acquisition gives Tandberg a toehold to penetrate further into the North American market and a also a VOD presence in its product suite of content-compression equipment. Tandberg will pave the way for N2 to expand globally.

N2 President and CEO Reggie Bradford will serve as president of Tandberg Television Americas, overseeing a staff of 180, including Tandberg’s existing U.S. employees. Mr. Bradford said N2 will retain all its employees. “We aren’t looking for cost synergies,” he said. “The idea is to grow the business faster than we could have done on our own.” He added that N2 will remain focused on VOD services.

The new combined North American concern will be headquartered in Atlanta.