SAN JOSE, Calif., July 11, 2017 /PRNewswire/ -- Extreme Networks,
Inc. (NASDAQ: EXTR) announced today all the conditions to close
have been met and its acquisition of the Avaya Networking business
is scheduled for Friday, July 14,
2017.
"We are excited to clear this final milestone on the path to
acquiring the Avaya Networking business," said Ed Meyercord, President and CEO of Extreme
Networks. "The addition of Avaya Networking's teams, technology and
customers strengthens Extreme's position in the marketplace and
gives rise to Extreme becoming the only networking provider
exclusively focused on delivering solutions to the enterprise from
the data center to the wireless edge."
Extreme continues to anticipate the transaction will be
accretive to cash flow and earnings for its fiscal year 2018, which
began on July 1, and expects to
generate over $200 million in
annualized revenue from the acquired networking assets from
Avaya.
Additional Resources
- Extreme Acquisitions & Integrations Page
- Extreme Networks & Avaya IP Networking Strategy Webinar –
Part II
Forward-Looking Statements
Except for the
historical information contained herein, the statements in this
release, including those concerning Extreme's ability to close on
its acquisition of Avaya's networking assets, business outlook,
future financial and operating results, and overall future
prospects are "forward-looking statements" within the meaning of
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements speak only as
of the date of this release. Actual results or events could differ
materially from those anticipated in those forward-looking
statements as a result of certain factors, including: our ability
to successfully close the Avaya transaction due to external market
factors or otherwise; our ability to successfully integrate the
Avaya networking business into the current Extreme business;
failure to achieve targeted revenues and forecasted demand from end
customers; a highly competitive business environment for network
switching equipment; the possibility that we might experience
delays in the development or introduction of new technology and
products; customer response to our new technology and products; and
a dependency on third parties for certain components and for the
manufacturing of our products.
More information about potential factors that could affect
Extreme's business and financial results is included in Extreme's
filings with the U.S. Securities and Exchange Commission,
including, without limitation, under the captions: "Management's
Discussion and Analysis of Financial Condition and Results of
Operations," and "Risk Factors." Except as required under
the U.S. federal securities laws and the rules and
regulations of the U.S. Securities and Exchange
Commission, Extreme Networks disclaims any obligation to
update any forward-looking statements after the date of this
release, whether as a result of new information, future events,
developments, changes in assumptions or otherwise.
About Extreme Networks
Extreme Networks,
Inc. (EXTR) delivers software-driven networking solutions that
help IT departments everywhere deliver the ultimate business
outcome: stronger connections with customers, partners and
employees. Wired to wireless, desktop to data center, on premise or
through the cloud, we go to extreme measures for our customers in
more than 80 countries, delivering 100% insourced call-in technical
support to organizations large and small, including some of the
world's leading names in business, hospitality, retail,
transportation and logistics, education, government, healthcare and
manufacturing. Founded in 1996, Extreme is headquartered
in San Jose, California. For more information, visit
Extreme's website or call 1-888-257-3000.
Extreme Networks and the Extreme Networks logo are
either trademarks or registered trademarks of Extreme
Networks, Inc. in the United States and/or other
countries. Other trademarks are the property of their
respective owners.
Media Contact:
Jennifer
Grabowski
Racepoint Global
617-624-3231
ExtremeUS@racepointglobal.com
Investor Relations Contact:
Laurie Little
The Piacente Group, Inc.
212-481-2050 ext. 403
extreme@tpg-ir.com
Analyst Relations Contact:
Steve O'Brien
Extreme Networks
603-952-5157
sobrien@extremenetworks.com
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SOURCE Extreme Networks, Inc.