ST Engineering’s US company acquires Parallel 
ConvergenceAsia staff
04/01/2010

Singapore Technologies Engineering (ST Engineering) has announced that VT iDirect has, through its wholly owned subsidiary, iDirect UK, acquired 100 per cent of Parallel Limited. The 100 per cent stake was acquired from existing shareholders, who are management employees, at an enterprise valuation of GBP3.9 million (about S$9 million). iDirect is a wholly owned subsidiary of Vision Technologies Systems (VT Systems), the US headquarters of ST Engineering.

Subsequent to the acquisition, Parallel will be merged into iDirect UK. 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.

Parallel’s products, including SatManage, will become part of the iDirect product portfolio. SatManage, a sophisticated Web-based management system designed to meet the demanding requirements of large-scale, complex networks 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 rowing 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,” said Lee Fook Sun, President, Electronics sector.

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