Pardeep Kohli, Co-Founder and CEO of Ranzure
Networks, Appointed CEO of Xura and to Serve as CEO of the Combined
Company
Xura, Inc. (“Xura”), a leading provider of digital communications
services, today announced that its affiliates have entered into
definitive agreements to acquire Mitel Mobility, Inc. (“Mitel
Mobile”), a division of Mitel Networks Corporation (“Mitel”)
(Nasdaq:MITL) (TSX:MNW), and Ranzure Networks, Inc.
(“Ranzure”).
- Mitel Mobile, formerly Mavenir Systems, is a
leading provider of Voice-over-Long-Term Evolution (“VoLTE”),
Voice-over-WiFi (“VoWiFi”), video, Rich Communication Services
(“RCS”), messaging, radio access and packet core solutions
- Ranzure, founded by former Mavenir Systems CEO
Pardeep Kohli, is an early-stage venture focused on developing 5G
Cloud Radio Access Network (“RAN”) technology
The Xura Board of Directors has appointed
Pardeep Kohli, formerly CEO of Mitel Mobile’s predecessor (Mavenir
Systems) and Co-Founder and CEO of Ranzure Networks, to succeed
Philippe Tartavull as CEO of Xura, effective today. Upon completion
of the transactions, Mr. Kohli will serve as the CEO of the
combined company. Mitel Mobile President, BG Kumar, will join Mr.
Kohli’s management team and former CTO of AT&T and former
President of AT&T Labs, Krish Prabhu, will join the Board of
Directors of the combined company. The combined company will
operate from Dallas, Texas.
Hubert de Pesquidoux, the executive chairman of
Xura and future executive chairman of the combined company,
commented:
“Xura has undergone a significant transformation
over the past two years, and in the last several months has
successfully transitioned to private ownership with the backing and
support of Siris Capital, a financial sponsor with deep experience
and operational expertise in telecommunications. I would like to
acknowledge Philippe Tartavull for his significant contributions to
the company during this transformational period. Today’s
announcement marks a new and exciting chapter for Xura, and will
accelerate and enhance the combined company’s ability to grow and
deliver value to its customers, partners and employees.”
Well Positioned to Partner with
Customers to Bring the Next Wave of Digital Services to
Market
The transaction enhances each standalone
company’s ability to help CSPs bring the latest monetizable
services to market, while driving operating efficiencies, increased
service levels, and greater flexibility and scalability as they
adopt the cloud and virtualize their networks. The combined company
is positioned for long-term success in the digital communications
ecosystem across multiple dimensions:
- Product Portfolio: The combination diversifies
and bolsters each predecessor company’s standalone product
portfolio, delivering a comprehensive 5G ready, fully-virtualized
solution set across voicemail, VoLTE, VoWiFi, video, RCS,
messaging, security, radio access and packet core
- Innovation and 5G Focus: The combination
leverages each company’s significant investments to date in
fully-virtualized and 5G ready solutions, a combined team of over
2,000 talented people dedicated to bringing 5G ready solutions to
market, and a mutual focus on continued innovation
- Customers at the Core: The
combined company will keep customers at the core of its strategy
with the vision to be the trusted partner of choice for CSPs as
their business needs evolve
- Operational Excellence: The combined company
will have scalable R&D centers of excellence in the United
States, Israel, Czech Republic, India and China, enabling
first-rate global support capabilities
- Management Talent: The combination adds
talented and experienced executives to supplement the Xura team,
complemented by a strong Board of Directors
Hubert de Pesquidoux commented:
“This is an exciting day for the three
companies’ stakeholders. The combination of Xura’s offerings in
voicemail, messaging, monetization and security solutions with
Mitel Mobile’s offerings in next-generation voice, video, RCS,
network access and core solutions, alongside Ranzure’s 5G Cloud RAN
technology, will offer a comprehensive, best-in-class solution set
to the combined company’s global CSP customer base. Mitel Mobile
and its heritage Mavenir brand and technology are synonymous with
world-class innovation and customer support, and we are delighted
to welcome Pardeep Kohli, who is uniquely positioned to lead the
combined company.”
Combined Company to Benefit from
World-Class Management and Board-Level Support
Pardeep Kohli is a widely respected wireless
veteran with over 20 years of industry experience, primarily
focused on driving innovation in the telecom infrastructure space.
He most recently served as the CEO of Ranzure, an early-stage
developer of 5G Cloud RAN technology, and was President and CEO of
Mavenir Systems from 2006 to 2015. During his time at Mavenir, Mr.
Kohli grew the business from zero to $175 million in annual revenue
and led multiple industry-first innovations, including the first
at-scale deployments of virtualization and software defined
networking to mobile core networks.
Commenting on the announcement, newly appointed
Xura CEO Pardeep Kohli said:
“I am honored and excited to lead Xura and the
combined company during this important and transformative time.
Both Xura and Mitel Mobile have strong legacies of market-leading
innovation and commitment to customer success. Our new company will
offer a fully-virtualized, software-based solution set across every
layer of the mobile network infrastructure stack, including radio
access, packet core and 5G applications.
“We will be the only pure play solution provider
with no vested interest in maintaining and promoting proprietary
solutions. We look forward to partnering with our customers to
achieve operational efficiencies as they prepare to handle the
exponential traffic growth that the industry’s IoT and 5G
applications will bring.”
Krish Prabhu, who will join the combined
company’s Board of Directors upon completion of the transactions,
most recently served as the CTO of AT&T and President of
AT&T Labs from 2011 to 2016. He previously served as Interim
CEO and President of Tekelec, as CEO and President of Tellabs Inc.,
as a Venture Partner of Morganthaler Venture Partners, and as COO
of Alcatel Telecom. Mr. Prabhu’s deep industry experience, thought
leadership, and strong relationships with mobile operators will
serve the Board of Directors and management team well.
Conditions to Closing and
Advisors
The transactions are subject to customary
closing conditions, including the expiration or termination of the
applicable waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act and other foreign antitrust regulatory approvals,
as necessary. Upon completion of the transactions, Mitel Mobile and
Ranzure will become wholly owned by affiliates of Xura. The
transactions are currently expected to close in the first quarter
of 2017.
An affiliate of Xura has secured committed
financing consisting of a combination of equity and debt. The
equity financing will be provided by affiliates of Siris Capital
Group, LLC (“Siris Capital”) and the debt financing will be
provided by a lender group led by Cerberus Business Finance,
LLC.
Goldman Sachs & Co. is acting as financial
advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP is
acting as legal advisor to Mitel in connection with the
transaction. Guggenheim Securities, LLC is acting as financial
advisor and Sidley Austin LLP is acting as legal advisor to Xura in
connection with the transactions.
About Xura
Xura, Inc. offers a portfolio of digital
services solutions that enable global communications across a
variety of mobile devices and platforms. We help communication
service providers (CSPs) and enterprises navigate and monetize the
digital ecosystem to create innovative, new experiences through our
cloud-based offerings. Our solutions touch more than three billion
people through 350+ service providers and enterprises in 140+
countries. You can find us at www.Xura.com.
About Mitel
A global provider of enterprise and mobile
communications powering more than 2 billion business connections
and 2 billion mobile subscribers every day, Mitel (Nasdaq:MITL)
(TSX:MNW) helps businesses and mobile carriers connect, collaborate
and provide innovative services to their customers. Our innovation
and communications experts serve more than 60 million business
users in more than 100 countries. For more information, go to
www.mitel.com.
About Ranzure Networks
Founded by industry veterans with extensive
experience in virtualized LTE core networks and Radio Access
technologies – Ranzure is focused on paving the way for seamless
superfast 5G networks. Ranzure Networks has licensed Mitel Mobile
technology in the area of Evolved Packet Core to support service
providers as they build 5G networks for the Internet of Things.
Ranzure is based in Richardson, Texas, with additional development
centers in Ottawa, Canada and Bengaluru, India. Visit
www.ranzure.com for more information.
About Siris Capital
Siris Capital is a leading private equity firm
focused on making control investments in data, telecommunications,
technology and technology-enabled business service companies.
Integral to Siris' investment approach is its partnership with
exceptional senior operating executives, or Executive Partners, who
work with Siris to identify, validate and operate investment
opportunities. Their significant involvement allows Siris to
partner with management to add value both operationally and
strategically. To learn more, visit us at www.siriscapital.com.
Forward Looking Statements
Some of the statements in this press release are
forward-looking statements (or forward-looking information) within
the meaning of applicable securities laws. These include statements
using the words believe, target, outlook, may, will, should, could,
estimate, continue, expect, intend, plan, predict, potential,
project and anticipate, and similar statements which do not
describe the present or provide information about the past. There
is no guarantee that the expected events or expected results will
actually occur. Such statements are subject to a number of risks
and uncertainties. These statements are based on many assumptions
and factors, including general economic and market conditions,
industry conditions, operational and other factors. Any changes in
these assumptions or other factors could cause actual results to
differ materially from current expectations. All forward-looking
statements are expressly qualified in their entirety by the
cautionary statements set forth in this paragraph. Undue reliance
should not be placed on such statements. In addition, material
risks that could cause actual results to differ from
forward-looking statements include: the inherent uncertainty
associated with financial or other projections; the integration of
Mitel Mobile and Ranzure and the ability to recognize the
anticipated benefits from the acquisitions of Mitel Mobile and
Ranzure; the ability to obtain required regulatory approvals for
the acquisitions of Mitel Mobile and Ranzure, the timing of
obtaining such approvals and the risk that such approvals may
result in the imposition of conditions that could adversely affect
the expected benefits of the acquisitions of Mitel Mobile and
Ranzure; the risk that the conditions to the acquisitions are not
satisfied on a timely basis or at all and the failure of the
acquisitions to close for any other reason; the anticipated size of
the markets and continued demand for Xura, Mitel Mobile and Ranzure
products; access to available financing on a timely basis and on
reasonable terms, including the refinancing of Xura's debt to fund
a portion of the cash purchase price in connection with the
acquisitions; Xura's ability to achieve or sustain profitability
following the acquisitions; fluctuations in quarterly and annual
revenues and operating results; fluctuations in foreign exchange
rates; current and ongoing global economic instability, political
unrest and related sanctions; intense competition; and Xura's
ability to implement and achieve its business strategies
successfully. Forward-looking statements speak only as of the
date they are made. Except as required by law, Xura does not
have any intention or obligation to update or to publicly announce
the results of any revisions to any of the forward-looking
statements to reflect actual results, future events or
developments, changes in assumptions or changes in other factors
affecting the forward-looking statements.
Media Contacts:
US PR Contact:
Lydia Fakhouri
Matter
lfakhouri@matternow.com
O: +1 (971) 246 7896
M: +1 (302) 381 9690
European PR Contact:
Max Deeley
Hotwire
max.deeley@hotwirepr.com
O: +44 (0) 20 7608 8344
M: +44 (0) 7725959205
Xura Contact:
Maria Hudson
Xura
maria.hudson@xura.com
M: +44 (0) 7894604040
Xura, Inc. (NASDAQ:MESG)
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