Vector Capital to Purchase Orthogon and Canopy Businesses from Motorola Solutions
23 Agosto 2011 - 5:11PM
Business Wire
Vector Capital and Motorola Solutions, Inc. (NYSE:MSI) today
announced that they have reached an agreement under which Vector
Capital will acquire Motorola Solutions’ Point-to-Point (PTP or
Orthogon) and Point-to-Multipoint (PMP or Canopy) Wireless
Broadband Networks businesses for an undisclosed amount. The
transaction is expected to be completed as early as the end of
September and is subject to customary closing conditions.
The Motorola PTP and PMP businesses are leaders in the wireless
broadband industry. They are renowned for their extensive
portfolios of unlicensed and licensed solutions that address key
industry verticals, as well as a strong technology base that
supports the broadest range of applications of any business in
their market segments. With extensive technical expertise and
experience, high reliability, superior quality control, and
unparalleled customer support, these businesses are well positioned
for the future.
Vector Capital, a private equity firm, intends to operate the
businesses as a single standalone company called Cambium Networks
that will be well-funded and positioned to benefit from a more
tailored focus and agile organizational structure. Motorola
Solutions plans to continue to purchase products from Cambium
Networks to meet the broadband needs of its key direct public
safety and federal accounts.
“We look forward to working with Motorola Solutions to spinout
Cambium Networks," said Alex Slusky, managing partner at Vector
Capital. “Vector has deep experience restoring focus and
accelerating growth at non-core divisions of the largest global
technology companies. We will enable the Cambium management team to
build the leading independent provider of PTP and PMP solutions. We
are committed to taking great care of customers and creating future
opportunities for the employees of the new Cambium Networks."
“We are pleased to have reached this agreement, which will
further streamline the Motorola Solutions portfolio and position
PTP and PMP for even greater success,” said Greg Brown, chairman
and CEO, Motorola Solutions. “Vector Capital has a strong track
record in growing technology businesses, and we believe its
continued targeted investment and oversight will best position
these industry-leading brands to serve their distinct customer
bases.”
Phil Bolt, vice president, Wireless Network Solutions, for
Motorola Solutions, will serve as CEO of Cambium Networks. Bolt has
extensive experience in the wireless broadband industry. To ensure
a seamless transition and continuity of service, PTP and PMP senior
management, sales, supply chain, technical support, product
management, marketing, and research and development teams will
transfer to Cambium Networks.
“The launch of the Motorola Solutions’ Canopy and Orthogon
business units as Cambium Networks will create an exciting and
significant growth opportunity for both Cambium Networks and our
partners,” Bolt said. “Our partners will continue to receive the
innovative products, quality and support for which we are renowned,
only now with the advantage of increased focus and
flexibility.”
About Vector Capital
With over $2 billion of capital, Vector Capital is a leading
global private equity firm specializing in spinouts, buyouts and
recapitalizations of established technology businesses. Vector
identifies and pursues these complex investments in both the
private and public markets. Vector actively partners with
management teams to devise and execute new financial and business
strategies that materially improve the competitive standing of
these businesses and enhance their value for employees, customers
and shareholders. Among Vector's notable investments are Aladdin
Knowledge Systems, Certara, Corel, Gerber Scientific, LANDesk,
Precise Software Solutions, Printronix, RAE Systems, Register.com,
SafeNet, Savi Technology, Trafficmaster, WatchGuard Technologies,
and WinZip. For more information, visit www.vectorcapital.com.
About Motorola Solutions
Motorola Solutions is a leading provider of mission-critical
communication products and services for enterprise and government
customers. Through leading-edge innovation and communications
technology, it is a global leader that enables its customers to be
their best in the moments that matter. Motorola Solutions trades on
the New York Stock Exchange under the ticker “MSI.” To learn more,
visit www.motorolasolutions.com. For ongoing news, please visit our
media center or subscribe to our news feed.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of applicable federal securities laws. These statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and generally include
words such as “believes,” “expects,” “intends,” “anticipates,”
“estimates” and similar expressions. We can give no assurance that
any future results or events discussed in these statements will be
achieved. Any forward-looking statements represent our views only
as of today and should not be relied upon as representing our views
as of any subsequent date. Readers are cautioned that such
forward-looking statements are subject to a variety of risks and
uncertainties that could cause our actual results to differ
materially from the statements contained in this release. Many of
these risks and uncertainties cannot be controlled by Motorola
Solutions and include, but are not limited to: (1) the
satisfaction of the conditions to closing, including the absence of
a material adverse effect on the business being sold by Motorola
Solutions under the proposed transaction; (2) the parties
having the ability to consummate the transaction; and (3) the
expected timeline for completing the transaction. A detailed
description of other risks and uncertainties affecting Motorola
Solutions is contained in Item 1A of the 2010 Annual Report of
Motorola Solutions on Form 10-K and in its other filings with
the Securities and Exchange Commission (“SEC”). These filings
are available for free on the SEC’s website at www.sec.gov and on
Motorola Solutions’ website at
www.motorolasolutions.com. Motorola Solutions undertakes no
obligation to publicly update any forward-looking statement or risk
factor, whether as a result of new information, future events or
otherwise.
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