Luna Innovations acquires California firm for $20 million
Roanoke-based Luna Innovations Inc. has acquired California-based General Photonics Corp. for $20 million.
Luna, a provider of advanced, fiber optic-based technology, says the deal will accelerate its growth in the communications test market.
General Photonics provides components, modules and test equipment focused on the generation, measurement and control of polarized light critical in fiber optic-based applications.
In a statement, Scott Graeff, Luna’s president and CEO, described the deal as “another step in the execution of our core strategy. This acquisition brings a highly complementary product portfolio to the capabilities of Luna’s communications test products.”
“We have created a broader, stronger product portfolio that is centered around what we do best: measure and manage light in optical fiber,” Brian Soller, vice president and general manager of Luna’s Lightwave Division, said in statement. “The complementary nature of our combined product lines will allow Luna to leverage existing channels to market and provide solutions across more of the value chain in our key target markets.”
Luna posted revenue of $13.5 million for the quarter ending Dec. 31, an increase of 37 percent from the same period in 2017. Total revenues for fiscal year 2018 were $42.9 million, up 30 percent from the previous year.