News
The deal comes as Cambium Networks enters insolvency following prolonged financial difficulties.
Airspan Networks Holdings LLC announced yesterday that it has acquired several fixed wireless product lines from Cambium Networks, a move that comes as the wireless networking business enters insolvency following prolonged financial difficulties.
Financial terms of the transaction were not disclosed but the acquisition transfers key point-to-point and point-to-multipoint portfolios to Airspan.
More than 135 Cambium employees across R&D, sales, and support—located in the United States, Europe, Asia-Pacific, Africa, the United Kingdom, and India—have joined Airspan as part of the deal, Airspan announced.
“Cambium’s point-to-point and point-to-multipoint products are a compelling addition to Airspan’s 4G and 5G wireless network solutions for service providers, defense, and critical communications,“ said Glenn Laxdal, CEO of Airspan. “We are fully committed to supporting the customers and partners who have invested in these products. Our successful integration of recent acquisitions, including Corning’s and Jabil’s wireless businesses, demonstrates our ability to effectively integrate acquired teams and products, and provide business continuity, operational excellence, and innovation to customers. We will bring the same focus to this acquisition.”
Prior to news that Cambium had become insolvent after months of financial struggle, Cambium’s financial struggles had been clear for some time, with the company’s stock price collapsing over the past four years from its peak in April 2021.
The company’s issues came to a head in March this year, when Cambium was delisted from the Nasdaq stock exchange after delayed reporting and SEC filing compliance issues.
Even more recently, Cambium cut 260 jobs worldwide, representing around 54% of its workforce.
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