Fastcomm Completes Acquisition of Cronus Technology

FastComm Communicationssition that will lend signaling expertise to a voice over Internet protocol (VoIP) vendor, <%=company%> (Dulles, VA) announced that it completed its acquisition of Cronus Technology Inc. in an all-stock deal worth approximately $27 million. Under the terms of the transaction, FastComm acquired substantially all of the assets of Cronus and assumed certain stated liabilities and debt.

The former employees of Cronus who have joined FastComm will continue to work at its principal operations facility in Chantilly, VA. Roy Wainwright, the former general manager of Cronus, will lead this operation as executive vice president and general manager, reporting to Peter Madsen, president and CEO of FastComm.

Cronus generated approximately $10 million in revenues for fiscal 1999. Based upon early sales of the new VoIP version of the SignalPath 230, a signaling gateway product, the company believes that Cronus could double its sales volume in FastComm's 2001 fiscal year (the period from May 1, 2000, through April 30, 2001).

FastComm designs, develops, and manufactures local- and wide-area network routing and switching equipment, controllers, and processors for IBM environments, Internet access products, and related networking devices. It is a system provider specializing in voice/fax/video/data over IP and Frame Relay protocol.

Edited by John Spofford