iPass Inc. said today it will buy GoRemote Internet Communications Inc., a rival broadband service provider, for $76.5 million.
Once all approvals are met, iPass expects to close the deal in the first quarter of 2006.
iPass primarily targets users such as salespeople and business travelers, while GoRemote focuses on remote workers and retailers. iPass said acquiring GoRemote extends its reach across all segments of the enterprise market.
Enterprise customers increasingly have been demanding a single source of secure broadband for all their mobile and remote employees worldwide. As a result of this acquisition, iPass will have the answer with a complete suite of broadband services, said Ken Denman, chairman and CEO of iPass.
The transaction creates an attractive opportunity to cross-sell iPass endpoint security and systems management services into GoRemotes installed customer base, added Tom Thimot, GoRemotes president and CEO. GoRemotes technology will position iPass to better serve home and branch offices that are expected to utilize emerging wireless broadband and mesh networks in the future.
Once the acquisition is finalized, Thimot will become iPasss senior vice president of worldwide sales.
iPass plans to use GoRemotes engineering and operations centers in India to save money.
Credit Suisse First Boston LLC acted as financial advisor to iPass, and Cooley Godward LLP provided legal counsel. Jefferies Broadview, a division of Jefferies & Company Inc., acted as GoRemotes financial advisor, with Fenwick and West LLP as legal counsel.
In the past year, iPass also has bought Mobile Automation, maker of software that manages and protects enterprise mobile and remote devices, and Safe3w, a developer of access control technologies.
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