Reliance Industries (RIL) has signed an agreement to acquire Nasdaq-listed Radisys Corp, an open telecom solutions provider for about Rs 500 crore in cash. The deal will help Reliance Jio Infocomm (RJio) to accelerate its initiatives across 5G, IoT and open source architecture.

Oregon-headquartered Radisys has nearly 600 employees with an engineering team based out of Bangalore, and sales and support offices globally. The company provides open telecom solutions to global service providers, RIL said in a statement. “RIL and RJio 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 RJio. “This acquisition further accelerates Jio’s global innovation and technology leadership in the areas of 5G, IOT and open source architecture adoption,” he added.

Radisys provides open-centric software, hardware and service capabilities that enable the migration to next-generation network topologies. “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,” Brian Bronson, CEO of Radisys said.

The transaction, subject to conditions, is expected to close in the fourth quarter of 2018. RIL intends to finance the transaction through its own internal accruals.

Covington & Burling LLP was the legal adviser and EY provided diligence and tax advisory services to RIL.

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