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SARASOTA — Wireless communications firm xG Technology Inc. acquired Mt. Olive, N.J.-based Integrated Microwave Technologies for $3 million.
IMT's primary market focus is broadcast with television networks and NFL, MLB and NHL sports teams, in addition to military, aerospace and government. It had $7.2 million in revenues last year, according to a statement.
The acquisition will help Sarasota-based xG focus on event management communications, which it has designated as an area emphasis, according to the statement from the firm. xG unveiled its xMax Transportable Broadband system in September, which allows instant communication during events or rapidly changing operating environments.
“The acquisition of IMT will help advance xG's business plan while opening up significant new opportunities for sales growth in xG Products,” says xG CEO George Schmitt in the release.
Founded in 2002, xG Technology has more than 100 patents and patent-pending applications. It's the developer of xMax, a cognitive radio network system for secure mobile broadband communications.
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