Mirus Capital AdvisorsMirus Capital Advisors

Netopia buys Cayman Systems for $11M

Cayman-Netopia

Alameda-based broadband gateways and Web platform software company Netopia Inc. has acquired Cayman Systems Inc., a developer and supplier of ADSL and ethernet routers, for $11 million. Mirus Capital Advisors represented the shareholders and management of Cayman Systems on the transaction.

Under the agreement, Netopia will pay an aggregate of $11 million to acquire all of Cayman’s outstanding equity and convertible debt. Netopia will also assume certain other liabilities of Cayman. The final cash payment is subject to adjustment based on Cayman’s liabilities at the time of the closing. The acquisition, which is expected to close in October, will result in a one-time charge for in-process research and development.

Netopia said the acquisition will strengthen its position in the broadband gateway market by expanding its customer base. Cayman customers include SBC Communications Inc., BellSouth Communications Inc. and Comcast.

About Mirus Capital Advisors

Mirus Capital Advisors provides investment banking solutions to corporate clients in technology, business services, manufacturing, consumer products, health care and the resort & hospitality industry. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations and valuations. For additional information, visit www.merger.com.

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