Keysight Technologies and Ixia announced that Keysight has completed its acquisition of Ixia, a California supplier of hardware and software solutions providing visibility, testing and security networks as well physical as virtual.

Founded in 1997, Ixia has more than 1,700 employees in Europe, Asia-Pacific, and North and South America. For its fiscal year 2015, it generated sales of $ 516 million for a net profit of $ 6 million.

According to Keysight, Ixia serves the top 15 network equipment manufacturers, 47 of the top 50 carriers, and 77 of the Fortune 100. Ixia also brings to Keysight over 400 patents issued and pending.

The aggregate transaction consideration totaled approximately $1.6 billion, including transaction and financing fees and expenses and net of cash on hand at Ixia at the closing, with Ixia shareholders receiving $19.65 per share in cash. Keysight funded the transaction with a combination of cash on hand as well as proceeds from public offerings of stock and notes and additional debt financings. Ixia will no longer be traded on the Nasdaq Global Select Market and its financial results will be reported under Keysight’s newly formed “Ixia Solutions Group”.