ViaSat (NASDAQ:VSAT) has taken an early stage tech firm under its wing. The company announced it has acquired LonoCloud, a privately held start-up that focuses on cloud networking software. Like its new owner, LonoCloud is based in Southern California. Its employees will be assigned to ViaSat's broadband networking group.
In the press release announcing the move, ViaSat quoted its CEO Mark Dankberg as saying of the acquisition, "adding this core technical capability to our broadband network will both enhance our existing offering as well as shorten development cycles for new service offerings."
In the press release, ViaSat did not disclose the terms of the acquisition.
Fool contributor Eric Volkman has no position in ViaSat. The Motley Fool has no position in ViaSat. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.