Archive News in Year 2009

December 2009

iDirect Acquires Parallel Limited

Singapore, 31 December 2009 — Singapore Technologies Engineering Ltd (ST Engineering) today announced that VT iDirect, Inc. (iDirect) has, through its wholly owned subsidiary, iDirect UK Limited, acquired 100% of Parallel Limited (Parallel).  The 100% stake was acquired from existing shareholders, who are management employees, at an enterprise valuation of GBP 3.9m (about S$9m).  The purchase consideration was arrived at on a willing buyer willing seller basis, based on  Parallel’s unaudited net tangible assets as of 30 December 2009 and taking into consideration Parallel’s past performance and  future  prospects and will be fully paid in cash.  iDirect is a wholly owned subsidiary of Vision Technologies Systems, Inc. (VT Systems), the US headquarters of ST Engineering.

This acquisition is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.

Subsequent to the acquisition, Parallel will be merged into iDirect UK Limited.  Parallel’s chairman and chief executive officer will retire from the company while its chief technology officer and entire development team will join iDirect’s engineering group.

iDirect and Parallel have been working together for the past three years. Parallel’s technology is strategically important to iDirect as both companies share product synergies and common market focus.  Parallel’s products, including SatManage, will become part of the iDirect product portfolio.  SatManage is a sophisticated Web-based management system designed to meet the demanding requirements of large-scale, complex networks.  SatManage will serve as an extension to iDirect’s existing iVantage network management systems, adding powerful automation, monitoring and service optimisation capabilities to the iDirect platform.

Satellite communications networks are becoming more complex and there is a growing demand for a more comprehensive range of solutions including scalable network management systems. With this acquisition, iDirect will be better poised to support global satellite service providers that manage large-scale, complex IP networks, filling a strategic product need that allows the group to address growth markets.

LEE Fook Sun
President, Electronics sector

iDirect, a subsidiary of VT Systems, is transforming the way the world gets and stays connected. The company’s satellite-based IP communications technology enables constant connectivity for voice, video and data applications in diverse and challenging environments. These include extending private networks to remote offices; supporting mobile connectivity across land, sea and air; providing rural telephony and Internet broadband; and maintaining communications in the wake of disasters and network failures. The iDirect Intelligent Platform™ integrates advanced technology into iDirect’s portfolio of hubs, routers and network management software to address the growing complexity of deploying and managing global IP networks. With more than 13 years of global satellite communications experience, iDirect serves customers in 50 countries through a diverse network of channel partners, including some of the largest satellite providers, operators and carriers in the world and seven of the World Teleport Association’s Global Top Ten. Headquartered in Herndon, Virginia, iDirect has offices in Europe, Asia, Middle East, Africa and Latin America. Please visit www.idirect.net.

ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors.  Headquartered in Singapore, the Group reported revenues of $5.34b in FY2008 and ranks among the largest companies listed on the Singapore Exchange.  ST Engineering has more than 20,000 employees worldwide, and over 100 subsidiaries and associated companies in 24 countries and 42 cities.  Please visit www.stengg.com.

Media contact:

Magdalen Loh
AVP / Head, Corporate Communications
Singapore Technologies Electronics Limited
Tel: (65) 6413 1788
Fax: (65) 6484 8840
Email: magloh@stee.stengg.com