24^th November 2015

Laird PLC

Acquisition

Strengthening capabilities in the Enterprise Internet of Things

Laird PLC, the global technology company, today announces that it has acquired LS Research (LSR), a leader in wireless product design and development, for a total cash consideration of $55m, which will be funded from existing debt facilities. 

Background on LSR

Headquartered in Cedarburg, Wisconsin, with satellite offices in Madison (WI) and Eagan (MN), LSR is a company with embedded Radio Frequency (RF) products and services that simplify wireless and accelerate development for its customers.  Its operations are split into three key areas which provide their customers with RF design services to enable Enterprise Internet of Things (EIoT) connectivity applications, RF products including certified wireless modules and antennas, and Electro-Magnetic Conductivity (EMC) testing to international certification standards.  It provides Near Field, Local Area and Wide Area products and services to enable wireless connectivity and EIoT capabilities into the commercial and light industrial markets. 

Established in 1980, LSR has a strong track record of growth, having increased revenue significantly over the last five years, with comparable margins to the Laird wireless businesses and revenue of $21.6m in the year ended 31 December 2014.  It is expected to be earnings enhancing in the first full year of ownership.   LSR will be integrated into the Laird operating model, (reporting as part of our Wireless Systems segment).

LSR will be a strategic and complementary fit with our existing M2M business. This acquisition adds new capabilities in embedded wireless solutions and services to Laird, provides us with new routes to market for our own products, and most importantly, extends our reach, presence and capabilities in the EIoT markets in which Laird is making significant strategic investment.

Benefits of the acquisition

Laird will look to integrate our existing capabilities and those of LSR in order to realise the benefits and opportunities of our combined technology, products, services and routes to market, while the skills of our new people will add bench strength to our engineering, sales and leadership teams.  This will enable us to:

·      Expand our reach into the light industrial and commercial sectors

·      Provide a fast track to expanding our capabilities and scope of supply by adding new services in the form of upstream wireless connectivity design capabilities that enable EIoT ecosystems, and EMC testing facilities that can be used internally, as well as continuing to be offered to external customers

·      Further drive our differentiation principles of innovation, reliable fulfilment and speed by adding new (pre and post sales) services and products and reducing time to market for new products

David Lockwood, Chief Executive, commented

"This is an exciting development for Laird and provides fantastic opportunities for us and for our customers.  The capabilities that LSR brings to Laird will enhance our ability to deliver on the clear potential that the EIoT has to offer."

About Laird PLC:   

Laird is a global technology company providing systems, components and solutions that protect electronics from electromagnetic interference and heat, and that enable connectivity in mission-critical wireless applications and antennae systems.  Laird is a global leader in the field of innovative RF engineering. www.laird-plc.com

About LSR:

LS Research is a global leader in wireless technology platforms that provide the foundation for ground-breaking wirelessly -enabled industrial, commercial and consumer products.  LSR's product and service solutions for smarter, simpler wireless design  and depth of experience in Wi-Fi®, Bluetooth®, BLE, RFID, NFC, 802.15.4, DECT, ZigBee® and cellular - make LSR a trusted partner for product manufacturers across the globe.   It has 85 employees.  https://www.lsr.com

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