Extreme Networks Announces Intent to Acquire Infovista's Ipanema SD-WAN Business
SAN JOSE, Calif., Aug. 10, 2021 /PRNewswire/ -- Extreme Networks, Inc. (Nasdaq: EXTR), a cloud-driven networking company, today announced the intent to acquire a newly created entity called Ipanematech SAS ("Ipanema"), the SD-WAN division of Infovista. The acquisition will expand Extreme's market-leading ExtremeCloudä portfolio, offering new cloud-managed SD-WAN and security solutions required to power the Infinite Enterprise.
The way people work, connect, and interact has become more fluid and highly distributed, further extending the edge of the network and in turn creating the Infinite Enterprise. Extreme's solutions power the Infinite Enterprise by leveraging a scalable cloud infrastructure to extend the connectivity required to power consumer-centric experiences anywhere and everywhere.
Ipanema's solution automatically and dynamically adjusts application traffic flows based on real-time network conditions, providing increased performance and improved quality of experience, even under diverse conditions across various types of cloud-managed WAN connectivity. Extreme plans to leverage these capabilities to establish an infinitely distributed and secure solution within the ExtremeCloud portfolio – progressing the company's position as one of the world's most advanced cloud platforms. This will add more flexibility, capability, and security when connecting locations, applications, and devices, enabling Extreme to provide the best possible experience to customers and their consumers, wherever they are in their journey toward the Infinite Enterprise.
The addition of Ipanema will establish a second technology center of excellence for Extreme in Europe and deepen the company's European customer presence. Ipanema has established partnerships with managed services providers and systems integrators across Europe to help customers implement, manage, and scale their cloud-driven SD-WAN installations. Ipanema's solutions are currently deployed in over 100,000 sites and serve more than 400 customers.
Industry Analyst Views of SD-WAN and SASE
Extreme expects that Infovista will enter into a definitive purchase agreement with Extreme for purchase and sale of €60 million (or approximately $73 million) in an all-cash deal, subject to customary adjustments. Ipanema is a privately held company, currently part of Infovista and majority owned by Private Equity firm Apax Partners with a minority stake owned by Thoma Bravo. The acquisition is expected to close in October 2021, pending works counsel consultations. Moelis & Company LLC is serving as a strategic financial advisor for Extreme Networks.
About Extreme Networks
Extreme Networks, ExtremeCloud and the Extreme Networks logo are trademarks or registered trademarks of Extreme Networks, Inc. in the United States and other countries. Other trademarks shown herein are the property of their respective owners.
1 IDC, Worldwide SD-WAN Infrastructure Market Shares, 2020: Growth Remains Strong as Market Evolutions Continue, Doc # US47628721, May 2021
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" including, without limitation, statements concerning plans, expectations, underlying assumptions and timing relating to Extreme's planned acquisition of Ipanema, and other statements, which are not statements of historical facts. Forward-looking statements may be identified by the use of words like "expect," "estimate," "will," "may," or expressions of similar meaning. Forward-looking statements reflect management's evaluation of information currently available and are based on the Extreme's current expectations and assumptions about its planned acquisition of Ipanema. Specific factors that could cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, risks related to the occurrence of any event, change or other circumstances that could give rise to the termination of or failure to complete Extreme's planned acquisition of Ipanema or the agreements and transactions contemplated thereby; the failure of Extreme to meet the conditions to closing of its planned acquisition of Ipanema, including those conditions related to works council; costs related to the proposed acquisition of Ipanema; the ability of the post-acquisition company to meet its financial and strategic goals; Extreme's ability to successfully integrate the acquired businesses; the ongoing impact of the COVID-19 pandemic and those factors discussed in the Company's Annual Report on Form 10-K for the year ended June 30, 2020, Quarterly Report on Form 10-Q for the quarter ended December 31, 2020 and March 31, 2021, and other documents of the Company on file with the SEC (available at www.sec.gov). The forward-looking statements included in this press release are made only as of the date hereof and are not a guarantee of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
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SOURCE Extreme Networks, Inc.
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