The Sydney Morning Herald is reporting that GE’s Current paid 100 million dollars to acquire Daintree Network, which is $77M USD. This price, if true, baffles me for two reasons. Although I have not seen any internal Daintree numbers, I did not think of them as a $77M company. I do think of them as a good company, with great technology and very strong people. Also, GE or Current, is a very smart and sophisticated negotiator and I do not see them paying this kind of price. (I do know of Another Big tier1 major conglomerate who typically pays these types of prices.)
Reading the Sydney Morning Herald article, they refer to the acquiring company as “GE subsidiary Today Current.” Where did the word ‘Today’ come from? Your humble editor found the answer in the original press release, which stated, “Today Current, powered by GE, announced the acquisition of Daintree Networks….” So this Aussie paper read the initial press release and thought the name of GE’s company was ‘Today Current.’
If the paper cannot get the name of the acquiring company correct, did they really get the 100 million dollars correct? Where is Dr. Evil when you need him!