Platinum Equity will acquire USRobotics in an all-cash transaction that will both strengthen the pioneering Internet connectivity and networking product provider and position it for future growth.
“USRobotics has a stellar reputation for quality and innovation, and is one of the premier brand names in the technology industry,” said Tom Gores, chairman and CEO of Platinum Equity.
“There is enormous opportunity for growth as the broadband and wireless markets continue to evolve, and we’re eager to help the USRobotics team drive that growth.”
Joseph J. Hartnett, president and CEO of USRobotics, said the transaction will allow the company to maintain its independence and entrepreneurial spirit while benefiting from the financial resources and M&A capabilities of Platinum Equity.
With an installed base of more than 100 million products in more than 80 countries worldwide, USRobotics is one of the world’s leading producers and distributors of broadband and analog modems and wired and wireless networking solutions. Founded in 1976 by three University of Chicago students working out of a Skokie, Illinois garage, the company was named after the “greatest company in the known galaxy” — US Robots and Mechanical Men — from the science fiction novel I, Robot by Isaac Asimov.
