Fresno-based Xobee Networks has acquired two Bay Area tech firms in a deal valued in the “less than $5 million dollar range.”
That’s the word of CEO Eric Rawn, who made the announcement at a morning press conference with local officials including council member Steve Brandau and Fresno’s Mayor-elect Lee Brand.
Rawn said Xobee Networks plans to create up to 50 new jobs based on the acquisition of TeleDynamic Communications and Wireless Fiber Technology. TeleDynamic Communications, a 35-year-old firm, will allow Xobee to expand its phone service technology for small to medium-sized businesses. The purchase of Wireless Fiber Technology gives Xobee access to licensing deals and fiber optic and wireless network capacity.
Brand, who beat Fresno County Supervisor Henry Perea for the city’s top executive position last week, said this is the sort of organic growth he will encourage as mayor.
“It’s a top priority to develop these advanced industry jobs,” Brand said. “These are the kinds of jobs Fresno needs.”
The gathering stressed a vision for Fresno’s future as a technology hub. Larry Westerlund, Fresno’s director of economic development, recounted a trip to Silicon Valley with Mayor Ashley Swearengin to promote Fresno as an expansion zone to tech firm executives. Westerlund said the tech leaders were especially intrigued in the Central Valley as the first leg for the high-speed rail system, which promises faster connectivity between Fresno and Silicon Valley.
“The interest really turned up when we were talking about high-speed rail,” Westerlund said.
Xobee Networks, which is celebrating its 20th anniversary this year, is no stranger to acquisitions. In 2013 Xobee purchased Sigma Communications in Sunnyvale.
In August Xobee Networks ranked at No. 4,090 in Inc. Magazine’s 5,000 fastest growing U.S. companies, with 2015 revenue of $7.4 million.