Xura to change company name to Mavenir Systems upon completion of Mitel Mobile acquisition

WAKEFIELD, Mass., 2017-02-08 08:07 CET (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.

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