Gilat Announces Structural Organizational Changes to Support Key Strategic Opportunities
October 12 2015 - 7:28AM
Gilat Satellite Networks Ltd. (NASDAQ:GILT) (TASE:GILT), a
worldwide leader in satellite networking technology, solutions and
services, today announced it is streamlining its organization to
better benefit from significant growth opportunities in the market.
Dov Baharav, Chairman and interim CEO of Gilat said: “We are
witnessing several trends in the industry accelerate, including: a
shift to High Throughput Satellites (HTS), enhanced need for
comprehensive services and turnkey solutions, the growth of Rural
Broadband Internet (as was just demonstrated by Facebook’s new
initiative for Africa), deployment of HTS satellite communication
in China, and in-flight connectivity (IFC).
Therefore we are shifting focus to better support the following
growth drivers:
- HTS - Gilat will continue to drive meaningful partnerships with
HTS Operators, leveraging our leading technology in the market and
our breadth of services to deploy and operate the ground
segment.
- IFC – We are placing major focus on developing our new dual
band Ka/Ku terminal, as well as leveraging our uniquely developed
Phased Array antennas, to serve the high growth market of In-flight
Connectivity.
- Rural Internet Broadband – Building on our vast experience from
the Fitel projects in Peru and identifying additional markets to
expand into, bringing internet broadband to rural areas.
- Enhancing our offering to provide comprehensive turnkey
solutions to Telcos and large enterprises.
- The Chinese market – our recent win in the yet untapped Chinese
market presents us with a very significant opportunity,
encompassing all of the above business drivers in a single
territory."
In order to take full advantage of the above Gilat has adjusted
its organization. First, our Commercial division will continue
focusing on the HTS market, while driving broader solutions,
enhancing our offering to combine technology and services.
Secondly, our Strategic Initiatives Division will encompass our IFC
activity, Wavestream, Defense and the Chinese market, which will be
addressed with a special focus.
"These adjustments will also result in several changes to our
management team and structure," Dov Baharav continued. "In
addition, our CFO, Yuval Ronen, has decided to leave Gilat. He will
be replaced by Adi Sfadia, who will be joining us on December 1st
2015. Adi will be joining after serving as CFO of Starhome-Mach and
previously as CFO of Radvision (NASDAQ:RVSN). He has also spent
five years with Ernst & Young. I would like to thank Yuval for
his contribution to Gilat during his term,” added Dov Baharav.
“With the structural change and our promising strategic
opportunities, I am confident we will achieve profitable growth in
2016 and beyond, making Gilat the global leader of satellite
networks solutions and the partner of choice for large complex
projects for Satellite Operators, Telcos, and other large
enterprises,” concluded Dov.
About Gilat
Gilat Satellite Networks Ltd (NASDAQ:GILT) (TASE:GILT) is a
leading provider of products and services for satellite-based
broadband communications. Gilat develops and markets a wide range
of high-performance satellite ground segment equipment and VSATs,
with an increasing focus on the consumer and Ka-band market. In
addition, Gilat enables mobile SOTM (Satellite-on-the-Move)
solutions providing low-profile antennas, next generation
solid-state power amplifiers and modems. Gilat also provides
managed network and satellite-based services for rural telephony
and Internet access via its subsidiaries in Peru and Colombia.
With over 25 years of experience, and over a million products
shipped to more than 90 countries, Gilat has provided enterprises,
service providers and operators with efficient and reliable
satellite-based connectivity solutions, including cellular
backhaul, banking, retail, e-government and rural communication
networks. Gilat also enables leading defense, public security and
news organizations to implement advanced, on-the-move tactical
communications on board their land, air and sea fleets using
Gilat's high-performance SOTM solutions. Gilat’s controlling
shareholders are the FIMI Private Equity Funds. For more
information, please visit us at www.gilat.com
Certain statements made herein that are not historical are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. The words "estimate", "project",
"intend", "expect", "believe" and similar expressions are intended
to identify forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties. Many
factors could cause the actual results, performance or achievements
of Gilat to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements, including, among others, changes
in general economic and business conditions, inability to maintain
market acceptance to Gilat's products, inability to timely develop
and introduce new technologies, products and applications, rapid
changes in the market for Gilat's products, loss of market share
and pressure on prices resulting from competition, introduction of
competing products by other companies, inability to manage growth
and expansion, loss of key OEM partners, inability to attract and
retain qualified personnel, inability to protect the Company's
proprietary technology and risks associated with Gilat's
international operations and its location in Israel. For additional
information regarding these and other risks and uncertainties
associated with Gilat's business, reference is made to Gilat's
reports filed from time to time with the Securities and Exchange
Commission.
Gilat Satellite Networks
Joelle Inowlocki
JoelleI@gilat.com
KCSA Strategic Communications
Phil Carlson, Vice President
(212) 896-1233
pcarlson@kcsa.com
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