Telrad Networks Announces Acquisition of Alvarion's Broadband Wireless Access Division
(GlobeNewswire Via Acquire Media NewsEdge) TEL AVIV, Israel, Feb. 22, 2013 (GLOBE NEWSWIRE) -- Telrad Networks, a leading international provider of telecommunication solutions, today announced that it has agreed to acquire the broadband wireless access (BWA) division of Alvarion® Ltd. (Nasdaq:ALVR) for $6.1 million. In addition, Alvarion may receive certain performance-based milestone payments of up to $6 million. BWA technology is experiencing rapid growth worldwide because it enables wireless broadband connectivity to meet the need for Internet access in areas with little or no access infrastructure.
"We're enthusiastic about this acquisition because of the strategic fit between the two businesses and the significant growth potential," said Ran Bukshpan, CEO, Telrad Networks. "We are committed to an aggressive development roadmap for the BWA division, ensuring a smooth transition to TD-LTE Advanced capabilities for all customers. We are looking forward to providing Alvarion's impressive customer base with the highest levels of service and support, as we've served our telco and enterprise customers for many years. We also extend the warmest welcome to our new employees joining us from Alvarion, and believe that together we can achieve our vision of becoming the world leader in broadband wireless access innovation."
The flagship product of the group, BreezeCOMPACT, has a unique single-box architecture which provides macro base station performance in a compact, optimized all-outdoor form factor with software radio design, which enables LTE Advanced and a variety of supported frequencies. The BWA division today serves over 250 broadband carriers and Wireless Internet Service Providers (WISPs) worldwide. This new division will be fully integrated into Telrad's core business, maintaining its current sales, support and development staff.
"Both organizations possess a global presence in the marketplace, and serve the same types of customers across the globe," continued Bukshpan. "We share a common level of technological know-how that will provide a great deal of synergy as we integrate the BWA division into our company. The market is poised to adopt next-generation wireless technologies and we see BWA as a core growth engine for our company in coming years."
About Telrad Networks
Telrad Networks provides innovative telecom equipment, solutions and services which facilitate communications between millions of end-users worldwide. Combining technological expertise with a dedication to customer service, Telrad provides provisioning, implementation and management for over 100 leading global telecom operators and major enterprises. Telrad Networks operates in over 30 countries, with regional headquarters in the Americas, Europe, Asia and Africa. Telrad Networks is owned by private equity fund Fortissimo Capital. (www.telrad.com)
About Fortissimo Capital
Fortissimo Capital, headquartered in Israel, is a group of private equity funds with nearly $500 million under management that invests in global technology companies that require capital to expand their business. Fortissimo Capital is a long term investor and seeks to partner with management to facilitate growth and maximize value. Fortissimo is backed by leading financial institutions including insurance companies, banks and pension funds. (www.ffcapital.com)
Alvarion Ltd. (Nasdaq:ALVR) provides optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of telecom operators, smart cities, security, and enterprise customers. Our innovative solutions are based on multiple technologies across licensed and unlicensed spectrums. (www.alvarion.com)
CONTACT: Investor Contact:
Ruthy Smadja, CFO
Heidi Eisips, Media Relations
US: +1 (408) 568-3105
Israel: +972 (052) 822-6645
Source: Telrad Networks Ltd.
2013 GlobeNewswire, Inc.
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