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Comtech announced two satellite-focused business lines on 2022-01-27 as part of its growth plan.
Acacia Research Corp. submitted an offer in October to buy Comtech for $30 per share.
Comtech rejected a $790,000,000 takeover offer less than a week before 2022-01-31 as part of a decision to double down on its growth strategy.
Daniel Gizinski, who joined Comtech in 2019 and held roles including vice president of product and strategy for Comtech Systems, is now president of Comtech’s U.S.-based satellite-focused business line.
Comtech Telecommunications unveiled a software-defined VSAT platform on 2022-01-31 to expand in the ground station market.
Comtech’s board of directors unanimously rejected a takeover approach from Acacia Research Corp. on 2022-01-25.
Vagan Shakhgildian was CEO of Canada-based VSAT network equipment maker UHP Networks before joining Comtech last year, and Comtech acquired UHP Networks in 2021-03-01.
Comtech ELEVATE can scale to support more than 500,000 remote sites.
The two new Comtech business units are intended to formalize and improve Comtech’s ability to serve U.S. and allied governments as a defense contractor.
Daniel Gizinski will lead a team focused on providing integrated, satellite-based solutions for government and commercial customers relying on technologies developed and manufactured in Comtech’s U.S. facilities.
Dr. Vagan Shakhgildian will lead a team focused on streamlining, accelerating, and capturing commercial networking opportunities for VSAT platforms and building out an innovation center for Comtech’s commercial satellite Earth station communications technologies.
Dr. Vagan Shakhgildian joined Comtech in March 2021 as part of the acquisition of Canada-based UHP Networks.
Comtech agreed to make several management changes and announced on 2021-12-16 the appointment of an independent director mutually supported by Comtech and Outerbridge.
Comtech recorded $117,000,000 in net sales for the three months ended 2021-10-31 in its latest financial results, down 13% from $135,200,000 for the same period the prior year.
Comtech Telecommunications rejected a $790,000,000 offer to take over the company on 2022-01-25.
Comtech announced on 2021-10-04 that it would promote Michael Porcelain from chief operating officer to chief executive officer at the end of 2021.
Comtech paid Gilat Satellite Networks $70,000,000 after merger plans announced 2020-01-29 fell apart about nine months later.
Michael Porcelain became a member of Comtech’s board on 2022-01-03 to fully replace long-serving CEO Fred Kornberg.
Activist investor Outerbridge Capital Management owned just under 5% of Comtech when it sent a letter expressing a lack of faith in the company’s management on 2021-10-06.
Comtech’s stock closed at $21.40 a share on 2022-01-25, up 3.7% on a down day for the Nasdaq Composite.