Miranda Technologies Buys OmniBus Systems From Palamon Capital For C$48.7M ($47M)

(Reuters) – Canada’s Miranda Technologies Inc (MT.TO) said it acquired UK-based OmniBus Systems for C$48.7 million ($47 million) from private equity firm Palamon Capital Partners, to expand into the television and Internet broadcasting software segment.

The Montreal, Quebec-based broadcast equipment maker expects the deal to add to earnings in the first full year of operation, and said it will finance the deal with cash on hand and an existing credit facility.

With the acquisition, Miranda expects to gain additional expertise to sell, deploy and support enterprise grade software systems.

The company said it expects the media management and delivery market segment to grow about 24 percent annually over the next two years.

Miranda shares, which have lost about 11 percent since the company posted a higher second-quarter profit on Aug. 5, closed at C$5.15 Wednesday on the Toronto Stock Exchange. ($1=1.036 Canadian Dollar)

(Reporting by Gowri Jayakumar in Bangalore; Editing by Gopakumar Warrier)