Harris Corporation, an international communications and information technology company, has entered into a definitive agreement to acquire CapRock Communications, a global provider of mission-critical managed satellite communications solutions for the energy, government and maritime industries.
Officials with Harris said that as per the terms of the agreement, the company will purchase privately held CapRock for $525 million in cash, subject to post-closing adjustments.
"Acquiring CapRock expands our international presence and customer base, while increasing the breadth of our assured communications offerings,” said Howard L. Lance, chairman, president and CEO of Harris, in a statement.
Lance said that the company sees increasing demand for outsourced managed communications services that include secure high-availability networks, creating growth opportunities across a variety of markets.
He said that the acquisition provides an entry into the energy market, while expanding the company’s present offering for the government and maritime markets to include managed satellite communications solutions.
Lance said that CapRock is a facilities-based global service provider that has made significant strategic investments in a self-owned and operated infrastructure to support demanding customer requirements.
“CapRock is a very successful company that shares our passion and commitment to mission-critical communications. It has an experienced management team with a track record of double-digit growth and profitability," he said.
CapRock supports a wide range of customers in the energy, maritime and government industries.
Headquartered in Houston, Texas, CapRock has over 700 employees located primarily in Houston, Washington, D.C., the U.K., Brazil, and Indonesia.
Peter Shaper, CEO, CapRock said that the combination of CapRock and Harris will provide both commercial and government customers with a new, stronger offering to address their needs for mission-critical communications services.
“Bringing these two companies together will give our customers access to a combined breadth of services, depth of expertise, and unparalleled customer commitment. We are excited about this opportunity for our customers and our employees," said Shaper.Anil Sharma is a contributing editor for TMCnet. To read more of Anil’s articles, please visit his columnist page.
Edited by Patrick Barnard