Three years ago, I joined Opengear as CTO, with a mission of setting strategies for company growth. For me, it was like jumping into a time machine and having a second take in the market space I helped to create 20 years earlier with Cyclades. Over this period, Opengear multiplied investments in product and technology, doubled revenues and profits, captured new opportunities, and projected a vision that turned a cash-cow business into a vibrant growth story and reality.
Today, we are announcing Opengear will become part of Digi International, in a cash transaction of $140M + $15M, expressing the value of work by founders and contributors over the last 15 years. This marks the end of a cycle and sets a path forward as part of a larger publicly-traded company.
Digi and my career have been intertwined for the past 30 years. I have seen Digi as an aspirational reference, collaborator, partner, customer, and competitor over the last three decades. Once the transaction closes, I hope to contribute to the company efforts to deliver solutions, project vision and capture market value in the industrial IoT and Network Management markets.
I am grateful for the opportunity and outcome at Opengear, and remain curious on what the future will bring.