Averna acquires substantial Mindready assets in Four Weeks

MONTREAL - Averna, one of the fastest-growing tech companies in North America, today announced the acquisition of substantially all assets of test solution provider Mindready Solutions Inc., a move that will expand Averna's RF and communications product portfolio, reinforce its leadership in test engineering, establish a footprint in the European market, and provide solid engineering management and business practices to Mindready clients.

Averna purchased these assets with key financial partner Fondaction CSN less than four weeks after Averna's executive team first investigated the transaction.

Under the terms of the transaction, Averna will acquire all intellectual property, a suite of renowned hardware and software products including the Universal Radio Tester (URT) and SedNet IEEE-1394/FireWire(R), an engineering and management team in Canada and Ireland of 50, and a client base of electronic device and telematics manufacturers spread across North America, Europe, and Asia. Post-acquisition, Mindready Solutions Inc. will cease to operate as a distinct entity, and Averna will remain a private, Canadian-owned company.

"With a strong virtual instrumentation background to complement our Proligent(TM) and Test and Measurement business units, and with the technology partnerships that we have forged, Averna is perfectly positioned to become the 'IBM of test engineering' ", said Pascal Pilon, president and CEO of Averna. "We look forward to using our strengthened brand, complete product portfolio, high level of professionalism, and enriched technical expertise to give our new and existing clients unparalleled satisfaction."

"It is clear to us that Averna has gained a leadership position in test engineering, and we are glad to become part of this fast-growing and renowned company," said Christian Moreau, CEO of Mindready Solutions. "I am confident that Mindready clients such as Alcatel, Boeing, Lockheed Martin, Nissan, and Panasonic will benefit from our combined strengths, and that our solutions will see an even wider distribution."