Mumbai: Radisys Corporation, an open telecom solutions provider, and Reliance Industries Limited (RIL), have entered into a definitive agreement under which RIL will acquire Radisys for $1.72 per share in cash, a joint-statement said here on Saturday.

According to sources, RIL picked up 100 per cent stake in Radisys for $74 million.

Headquartered in Hillsboro, Oregon, Radisys has nearly 600 employees with an engineering team based out of Bengaluru, and sales and support offices globally. Radisys delivers value to service providers and telecom equipment vendors by providing disruptive open-centric software, hardware and service capabilities that enable the migration to next-generation network topologies.

“Reliance and Jio have been disrupting legacy business models and establishing new global benchmarks. Radisys’ top-class management and engineering team offer Reliance rapid innovation and solution development expertise globally, which complements our work towards software-centric disaggregated networks and platforms, enhancing the value to customers across consumer and enterprise segments,” said Akash Ambani, Director of Reliance Jio.

“This acquisition further accelerates Jio’s global innovation and technology leadership in the areas of 5G, IOT and open source architecture adoption,” he added.

“The backing and support of India-based global conglomerate Reliance, will accelerate our strategy and the scale required by our customers to further deploy our full suite of products and services. The Radisys team will continue to work independently on driving its future growth, innovation and expansion. The addition of Reliance’s visionary leadership and strong market position will enhance Radisys’ ability to develop and integrate large-scale, disruptive, open-centric end-to-end solutions,” said Brian Bronson, CEO of Radisys.

Covington & Burling LLP is acting as legal advisor and Ernst & Young provided diligence and tax advisory services to RIL.

Raymond James & Associates, Inc. is acting as financial advisor and Baker & McKenzie LLP is acting as legal advisor to Radisys.