Thursday, April 26, 2007

Castelle Acquired By Captaris

Morgan Hill-based Castelle, a manufacturer of network FAX equipment, is being acquired by Captaris, the firms said today. Captaris Inc., a document management software developer said that it has agreed to acquire facsimile equipment manufacturer Castelle in a deal worth $3.95 in cash per outstanding share of Castelle common stock, worth approximately $10.8M. Castelle reported revenues of $10.6M for the year ending December 31, 2006. The acquisition is expected to close in Q3 2007, and both companies will operate independently until then. Castelle's products are used by enterprises for FAX management. Captaris is headquartered in Bellevue, Washington. Castelle was established in 1987 and is based in Morgan Hill, Calif.