Pardeep Kohli,
Co-Founder and CEO of Ranzure Networks, Appointed CEO of Xura and
to Serve as CEO of the Combined Company
- Establishes a pure play in fully-virtualized, 5G ready
software solutions across every layer of the mobile network
infrastructure stack, helping Communications Service Providers
("CSPs") drive efficiencies, flexibility and scalability as they
adopt the cloud and virtualize their networks
- New solution set enables
customers to handle exponential traffic
growth from Internet of Things ("IoT") and 5G
applications
- Krish Prabhu, former CTO of
AT&T and former President of AT&T Labs, to join the Board
of Directors of the combined company
- Combined company will be based
in Dallas, Texas
WAKEFIELD, Mass., Dec. 19, 2016
(GLOBE NEWSWIRE) -- 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
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Xura, Inc. via Globenewswire
Xura, Inc. (NASDAQ:MESG)
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