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The $324 million dollar deal was struck in November last year and has now been completed
The merger of Ribbon Communications with Israel-based ECI Telecom Group is poised to shake up the communications tech sphere, creating a company with a varied portfolio including advanced voice, security, data and optical networking solutions.
The deal, reportedly worth around $324 million, was agreed in November and has proceeded as planned.
The resultant company will serve customers in over 140 countries, with an anticipated annual revenue of $900 million.
“Our expanded product offering combines ECI’s leadership in packet optical networking with our existing proven portfolio of software-based, real-time communications security, analytics and digital transformation solutions,” said Bruce McClelland, president and CEO of Ribbon. “Our new organisation will leverage the strength and presence of our global sales force to create a very formidable market leader in the communications industry.”
Ribbon expects the merger to spur on continuous growth, expanding the company’s primarily voice-based product line to include those supporting data applications and optical networking solutions. Not only, this Ribbon has ambitions of capitalising on the growing 5G market via ECI’s existing solutions.
"This transformational transaction accelerates our strategy to position the company into higher-growth markets. The combination of Ribbon and ECI offers our customers world-class products that we believe will drive Ribbon’s growth, profitability and cash flow,” says Daryl Raiford, CFO of Ribbon.
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