After completing its acquisition of InnoTrans last year, H.I.G. Capital LLC announced this week that its portfolio company, ATX Networks Corp., has now acquired Pico Digital.
Pico has its HQ in San Diego, and designs and manufactures distribution and customer premise equipment for cable companies, satellite providers, and radio customers. Hotels, universities, healthcare facilities, and MDUs use Pico’s satellite gateway equipment to transmit customized video and data services to each room in a property.
“Pico Digital represents a highly strategic and complementary investment, allowing us to continue to grow our commercial video solutions business worldwide and providing ATX entrance into the satellite and radio markets,” ATX’s President and CEO Ken Wildgoose says. “We have been very impressed with Pico’s leadership, blue-chip customer relationships, and technological capabilities.”
Camilo E. Horvilleur, managing director at H.I.G. Capital, comments that the Pico Digital investment, in conjunction with the recent InnoTrans transaction “has transformed ATX into a diversified, value-added provider of network infrastructure and commercial video solutions to cable, satellite, radio, and media customers. The partnership will provide Pico with the resources and backing of a larger business, enabling better experiences to a truly global customer base and faster development of new, innovative products.”
Ian Lerner will serve as CEO and Carlos Shteremberg as president of the Pico Digital division within ATX, which will remain comprised of the current Pico Digital management team in its entirety, according to a press release. The combined company will have more than 300 employees.