Digi International, a Hopkins-based maker of internet-based connectivity devices, has acquired a Connecticut tech company for $347.4 million, adding to its suite of technologies aimed at connecting people and machines.
The all-cash acquisition of Ventus Holdings, which closed on Monday, is the largest deal in the company's 36-year history. Digi, publicly traded on the Nasdaq, took on debt to finance the deal, securing a $350 million loan, the company said.
Financing the acquisition through its lender BMO Harris Bank and its affiliates allowed Digi to retire an existing $48 million loan.
Ventus Holdings manages large-scale internet connections, both wired and wireless, across more than 170,000 sites for customers in banking, health care, retail, gaming, and hospitality.
Executives said Ventus and Digi share some of the same clients. The managed network service market in which Ventus operates is a $57 billion global market, Digi's executives said on a conference with investors earlier this week.
Ventus, which also does network design and installation, reported revenue of $25.9 million for the first six months of 2021.
"Our acquisition of Ventus leverages our unique understanding of the evolving connectivity needs and challenges enterprises face today — from wide geographic footprints to large numbers of dynamic and intelligent endpoints," Ron Konezny, president and CEO of Digi International, said in a statement.
The acquisition is Digi's third of the year. In March, the company acquired Dallas-based Haxiot Inc., and in July acquired California-based Ctek Inc.
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