On April 22, 2008, EXFO Electro-Optical Engineering Inc. announced that it had completed its acquisition of Brix Networks, a privately held company headquartered near Boston, Massachusetts, and a global provider of open and extensible converged service assurance solutions. Earlier in the month EXFO signed an agreement to purchase all the shares of Brix Networks for US$28.5 million in cash and an additional growth-incentive earn-out based upon the achievement of bookings levels exceeding US$16 million in the 12 months following the closing date of the transaction. Total purchase price could reach US$37.5 million, including a maximum earn-out and other acquisition-related costs. EXFO is the second-largest provider of portable test and measurement solutions in the global telecommunications industry and is positioning itself as a leader in next-generation network testing and monitoring applications. Brix Networks brings to EXFO deep expertise in IP service assurance technology. EXFO was advised in this transaction by a team from Fasken Martineau that included Peter Villani, Sébastien Roy, François Duchesneau, Jean-Gabriel L'Ecuyer, Anne Plamondon and Sophie Lessard Berger.