Harman Closes Symphony Merger

(RTTNews) - Audio products and lighting solutions company Harman International Industries Inc (HAR) on Thursday said it has closed the acquisition of Symphony Teleca, a software services company based in Mountain View, California.

In January, Harman agreed with Symphony Technology Group to acquire Symphony Teleca. The deal involved a base purchase price for Symphony Teleca of $780 million, comprising cash and stock.

Also, the selling stockholders are eligible for a cash earn-out based on a calendar 2015 revenue target. The remainder of the base purchase price as well as any additional earn-outs will be paid in cash in the first quarter of calendar 2016.

The deal is expected to be accretive to Harman's adjusted earnings in fiscal year 2016.

Symphony Teleca provides software engineering and integration services that helps businesses develop innovative products and technologies at the convergence of device, sensors, cloud and data. The company has more than 8,000 employees, and generated revenues of about $370 million in calendar year 2014.