- New company focused on next generation customized wireless service to support Internet of Things and billions of devices
- Leverages Mitel Mobile technology to deliver cloud-based platform enabling wireless connectivity of 5G networks
- Market projected to reach $247 billion in ten years*
DALLAS, June 07, 2016 (GLOBE NEWSWIRE) -- Mitel® (Nasdaq:MITL) (TSX:MNW), a global leader in real-time business, cloud and mobile communications, has solidified its 5G program, announced earlier this year, with participation in the initial round of funding of the newly created Ranzure Networks. With $7.6M in a seed round of funding from Mitel and other investors, including LiveOak Venture Partners, Ranzure Networks will license Mitel Mobile technology in the area of Evolved Packet Core to support service providers as they build 5G networks for the Internet of Things. Worldwide 5G service revenue, driven by emerging mobile and cloud technologies, is projected to reach $247 billion in the next ten years*.
Ranzure Networks founders include well known serial mobile entrepreneur Pardeep Kohli, former Mavenir CEO, and established mobile innovator Ashok Khuntia, former Mavenir EVP, Engineering. BG Kumar, President, Mitel Mobile will take a seat on the Board.
“The days of rigid, proprietary hardware solutions are over and the migration to 5G provides opportunity for innovation,” said Pardeep Kohli, President and CEO, Ranzure Networks Inc. “We believe that satisfying varying needs of billions of devices now requires a flexible Radio Access Network that is easy to deploy, operate and customize to meet the needs of each device. Ranzure will bring flexible cloud technologies to radio access networks.”
“The pace of mobile adoption and innovation is unrelenting. At the same time our 4G mobile business is growing at record levels, we can already see the exciting opportunity for 5G to take services even further in the future,” said Rich McBee, CEO, Mitel. “Our investment in Ranzure Networks enables Mitel to keep tight focus on the immediate needs of our current mobile customers and positions us to capitalize on the 5G market opportunity as it evolves and emerges.”
“Most online content is now being accessed through wireless devices but wireless access networks have not kept up with the consumer needs,” said Venu Shamapant, General Partner, LiveOak Partners. “There is huge opportunity for innovation in this space. We are very excited about our participation in Ranzure Networks.”
*Source: ABI Research, April 2016
- Mitel customers include 15 of the top 20 mobile carriers in the world
- Mitel powers VoLTE/ VoWiFi services in 18 countries
- See the infographic "Rise of Mobile Enterprise Infographic"
- Watch the "Mobile Cloud Suite video"
- Download the whitepaper "Seamless Communications and Collaboration"
- Download the whitepaper "Mobilizing Real-Time Communications"
- Watch the video on Multi-ID
Twitter: Mitel Solidifies Investment in 5G Connectivity Initiative
Twitter: Mitel helps launch Ranzure Networks with participation in seed round of funding
5G, Internet of Things, Radio Access Network, Evolved Packet Core
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In connection with the proposed transaction between Mitel and Polycom, Mitel has filed with the SEC a registration statement on Form S-4 that includes a Proxy Statement of Polycom that also constitutes a Prospectus of Mitel (the “Proxy Statement/Prospectus”). Mitel will also prepare a proxy circular in accordance with applicable Canadian securities and corporate law (the “Proxy Circular”). Polycom plans to mail to its shareholders the definitive Proxy Statement/Prospectus in connection with the transaction. INVESTORS AND SECURITY HOLDERS OF POLYCOM ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT MITEL, POLYCOM, THE TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement/Prospectus and the Proxy Circular (when available) and other documents filed with the SEC by Mitel and Polycom through the website maintained by the SEC at www.sec.gov. Investors may also obtain free copies of the Proxy Statement/Prospectus and the Proxy Circular (when available) and other documents filed with Canadian securities regulatory authorities by Mitel, through the website maintained by the Canadian Securities Administrators at www.sedar.com. In addition, investors and security holders may obtain free copies of the documents filed with the SEC and Canadian securities regulatory authorities on Mitel’s website at investor.Mitel.com or by contacting Mitel’s Investor Relations Department at 469-574-8134. Copies of the documents filed with the SEC by Polycom will be available free of charge on Polycom’s website at http://investor.polycom.com/company/investor-relations/default.aspx or by contacting Polycom’s Investor Relations Department at 408-586-4271.
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A global market leader in enterprise and mobile communications powering more than 2 billion business connections and 2 billion mobile subscribers every day, Mitel (Nasdaq:MITL) (TSX:MNW) helps businesses and mobile carriers connect, collaborate and provide innovative services to their customers. Our innovation and communications experts serve more than 60 million business users in more than 100 countries, and 130 mobile service providers including 15 of the top 20 mobile carriers in the world. That makes us unique, and the only company able to provide a bridge between enterprise and mobile customers. For more information, go to www.mitel.com and follow us on Twitter @Mitel.
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