Tekelec to Pay $3 Million for Hard Engineering
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Tekelec, a Calabasas maker of telecommunications testing equipment, said it agreed to buy Hard Engineering for $3 million and the assumption of about $1 million of Hard’s debts.
Hard, based in Huntsville, Ala., produces testing equipment for the same industry. Hard’s revenue for its fiscal year ending Sunday is expected to total about $3.7 million, said Tekelec, which had revenue of $34 million in 1989.
The agreement also provides for additional payments to Hard--of up to $4 million over the next five years--based on Tekelec’s sales of products using Hard’s technology. When the deal is completed, Hard founders Doug Hard and Greg Tucker will join Tekelec.
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