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NewNet Reports Acquisition Closing of Nokia Siemens Networks' WiMAX Business
Feb 13, 2012 (Close-Up Media via COMTEX) --
NewNet Communication Technologies, a portfolio company of Los Angeles based private investment firm Skyview Capital, announced that it has completed the initial closing of the acquisition of the former Motorola Solutions' WiMAX business from Nokia Siemens Networks.
In a release dated Feb. 8, the Company said as of Feb. 4, 2012, NewNet will be assuming the responsibility for the research and development of the WiMAX product portfolio and the support and services responsibility for a majority of the WiMAX business customers.
Approximately 175 employees across the globe are transferring to NewNet in this initial closing. NewNet will be adding research and development facilities in the UK and expanding its R&D teams in the US and India. NewNet will also add significant service and support capabilities in Pakistan, Bahrain and the UAE. Hong Kong and the countries of China, Malaysia and Taiwan are projected to close in March. This later closing will result in the transfer of approximately 125 additional employees to NewNet across R&D, sales, service and support functions.
"We have worked in close co-operation with the Nokia Siemens Networks team to allow us to integrate the WiMAX technology and product offering quickly and efficiently into NewNet so that we can turn our attention to providing world class service and support to our WiMAX customers," said Ron Pyles, CEO and President of NewNet. "We are tremendously excited to invest NewNet resources to continue to enhance the WiMAX technology to a new level. We see many opportunities to grow this business. Key areas of market opportunity include mobile broadband, Smart Grid and public safety solutions."
"We are elated to have completed the initial closing on this strategic acquisition, as it represents yet another significant milestone in our razor sharp focus on building a global market leader, within the telecommunications industry through NewNet Communication Technologies," said Alex Soltani, Chairman and CEO of Skyview Capital. "The acquisition brings a blue-chip international customer base and a leading edge 4G-WiMAX technology providing an exceptional platform for further growth, both organically and through additional acquisitions. As always Skyview remains fully committed to supporting Ron and our NewNet team, and welcomes aboard the talented professionals joining us as a result of this transaction."
The acquisition establishes NewNet as a provider of end to end WiMAX products and services in the marketplace. The acquisition also expands NewNet's customer footprint across the globe, with service and support responsibilities for 43 customers across 27 countries, and provides access to major emerging market regions that are anticipated to experience substantial subscriber growth and mobile broadband usage.
NewNet will be showcasing and demonstrating its WiMAX product portfolio at the upcoming Mobile World Congress, to be held in Barcelona from Feb. 27 to March 1.
NewNet Communication Technologies is a provider of solutions for next generation mobile and fixed line networks.
Skyview Capital is an investment firm.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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