Benzinga | Jul 6, 2021 02:33PM EDT

Digi International To Acquire Ctek For Undisclosed Terms

* Internet of Things (IoT) connectivity products and services provider Digi International Inc (NASDAQ:DGII) acquired Ctek, Inc, a company specializing in remote monitoring and industrial controls solutions.

* The financial terms of the transaction remain undisclosed.

* Digi provides customers with both battery and hardwired options to control and monitor critical infrastructure through the acquisition.

* Additionally, Ctek's offering and existing client portfolio are likely to further Digi's reach in a rapidly expanding market.

* Digi VP Brian Kirkendall said that the addition of Ctek's blue-chip customer base and user-focused platform positions Digi to expand its portfolio of purpose-built Industrial IoT solutions.

* Ctek offered companies a complete SCADA system.

* Ctek's SkyCloud complements Digi's Connect Sensor+ with its intuitive visual interface in addition to automation control and a robust application suite.

* Digi held $127.2 million in cash and equivalents as of Mar. 31, 2021.

* Price action: DGII shares traded lower by 1.60% at $19.70 on the last check Tuesday.