Tuesday, 23 April 2024

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Lumine Group acquires Casa Systems 5G assets By Investing.com

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TORONTO – Lumine Group Inc. (TSXV: LMN), a company specializing in acquiring communications and media software businesses, announced today the signing of an asset purchase agreement to acquire 5G technology assets from Casa Systems (NASDAQ: NASDAQ:). Casa Systems, undergoing a Chapter 11 process, has agreed to sell its Axyom Cloud Native 5G Core Software & RAN Assets, marking Lumine Group’s 14th corporate carve-out in the communications and media sector.

The acquisition includes a suite of cloud-native 5G network functions and solutions that are currently utilized in core and access networks globally. These solutions encompass a range of technologies, including Access & Mobility Management, Session Management, and Network Slicing Functions, as well as 4G/5G Security Gateway and Access Femto Small Cell Devices.

Casa Systems, founded in 2003 and headquartered in Andover, Massachusetts, has a significant presence in the 5G space, with its solutions being used by over 475 customers in more than 70 countries, including Verizon (NYSE:), its largest Wireless 5G software and Femto customer.

Tony Garcia, Group President at Lumine Group, highlighted that the acquisition will be a valuable addition to their portfolio, particularly in the signalling and security software areas. Lumine Group plans to operate the new business unit under a separate brand to clearly distinguish its offerings in the global 5G cloud native core and access markets.

Michael Glickman, CEO of Casa Systems, expressed confidence that Lumine Group’s expertise in the communications sector and experience with corporate carve-outs positions them well to support the future goals of the 5G assets. He emphasized the importance of minimizing disruption for employees and customers during the transition.

David Nyland, CEO of Lumine Group, stated that the acquisition aligns with their mission to build a leading global network of communications and media software companies. He assured that a smooth transition for customers and employees is a top priority as they integrate the new business.

The transaction is expected to enhance Lumine Group’s offerings in the communications and media industry, expanding its portfolio ecosystem. The financial terms of the deal were not disclosed.

This report is based on a press release statement from Lumine Group.

InvestingPro Insights

Lumine Group Inc. (TSXV: LMN) has been making strategic moves in the communications and media software sector, and its recent acquisition…

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