India’s Reliance Industries announced it is acquiring Radisys for $1.72 per share in cash. Radisys has 39,431,000 outstanding shares, which would result in a price of $67.82 million.

Hillsboro, Oregon-based Radisys has nearly 600 employees with an engineering team based out of Bangalore, India, and sales and support offices globally. Radisys provides hardware, software, and services that enable the migration to next-generation networks. In 2016, Radisys contributed its evolved packet core (EPC) framework to the open source CORD project to create a virtual EPC (vEPC). And Radisys is a partner-level member of the Open Networking Foundation (ONF).

Radisys CEO Brian Bronson said in a statement that the Radisys team will continue to work independently after the Reliance acquisition.

Reliance Industries is the parent company of Reliance Jio, India’s upstart mobile operator, which is building a greenfield SDN network. Cisco is one of two dominant vendors helping to build Reliance Jio’s network. The other is Samsung, which snagged a $10 billion deal with Reliance Jio.

Reliance says the acquisition of Radisys will accelerates Jio’s growth in the areas of 5G, IoT, and open source architecture adoption.

“Reliance and Jio have been disrupting legacy business models and establishing new global benchmarks,” said Akash Ambani, director of Reliance Jio, in a statement. “Radisys’ top-class management and engineering team offer Reliance rapid innovation and solution development expertise globally, which complements our work towards software-centric disaggregated networks and platforms.”

The transaction is expected to close in the fourth quarter of 2018.