Xura to change company name to Mavenir Systems upon completion of Mitel Mobile acquisition
(Thomson Reuters ONE) -
Mavenir brand to be showcased at Mobile World Congress 2017
WAKEFIELD, Mass., Feb. 08, 2017 (GLOBE NEWSWIRE) -- Following the announcement
in December 2016 that affiliates of Xura 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"), today Xura announces that upon completion of the transactions the
new combined company name will be Mavenir Systems, Inc. ("Mavenir Systems" or
"Mavenir"). Affiliates of Xura completed the previously announced acquisition
of Ranzure Networks on February 1, 2017. The acquisition of Mitel Mobile by
affiliates of Xura remains subject to customary closing conditions and is
expected to close in the first quarter of 2017.
Xura's CEO, Pardeep Kohli, formerly CEO of Mitel Mobile's predecessor (also
named Mavenir Systems) and Co-Founder and CEO of Ranzure Networks, will lead the
new company under the reactivated Mavenir name.
Mavenir Systems, which was acquired by Mitel in 2015 and rebranded to Mitel
Mobile, established its industry leadership in 4G LTE mobile solutions that
helped define the market with a series of industry firsts, including the world's
first live network deployments of Voice over LTE ("VoLTE") and RCS5 with
MetroPCS (now T-Mobile), and the first mobile network deployment of IMS-based
Voice over WiFi ("VoWi-Fi") with T-Mobile US.
The new Mavenir, to be formed by the combination of Xura, Mitel Mobile and
Ranzure, will establish a leading player in fully-virtualized, 5G ready software
solutions across every layer of the network infrastructure stack, helping
Communications Service Providers ("CSPs") drive revenues, efficiencies,
flexibility and scalability as they adopt the cloud and virtualize their
networks. The new solution set will enable customers to drive service
innovation, deliver optimization and handle exponential traffic growth from
Internet of Things ("IoT") and 5G applications.
Xura's CEO, Pardeep Kohli, commented: "Mavenir's strong global brand reputation
and proven track record of market-leading innovation across its product set made
the name a natural choice for us. Mavenir has led multiple industry-first
innovations, including the first at-scale deployments of virtualization and
software defined networking to mobile core networks. Moving ahead, we will build
on this success, offering evolved, cloud-proven networking solutions, from radio
access and packet core to 5G applications and services. We will drive innovation
and new experiences for our customers and their end users. In anticipation of
the completion of the acquisition and the Mavenir Systems brand re-launch, Mitel
Mobile will attend Mobile World Congress 2017 as Mavenir."
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 monetise 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 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.
Xura Media Contact:
Maria Hudson
SVP, Head of Corporate Marketing
maria.hudson(at)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
Unternehmensinformation / Kurzprofil:
Datum: 08.02.2017 - 08:14 Uhr
Sprache: Deutsch
News-ID 522649
Anzahl Zeichen: 5646
contact information:
Town:
NEW YORK
Kategorie:
Business News
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"Xura to change company name to Mavenir Systems upon completion of Mitel Mobile acquisition"
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