Ciena to acquire Cyan
Ciena has today announced its intention to acquire Cyan in a cash and stock transaction valued at approximately $400 million.
Cyan delivers SDN, NFV and metro packet-optical solutions, which are expected to complement Ciena’s existing Agility software portfolio upon completion of the deal.
“Ciena is transforming networks by applying web-scale technologies for delivering greater efficiency, network automation and agility while driving the industry towards an open ecosystem,” said Gary Smith, president and CEO at Ciena.
“The addition of Cyan accelerate the availability of a complete solution for our customers to deliver virtualised networks and services on-demand.”
The deal is expected to complete during Ciena’s fiscal fourth quarter 2015 and is subject to the approval of a number of Cyan’s stockholders, as well as regulatory approvals in the US.
Once the deal has completed, Cyan shareholders will receive consideration equal to the value 0.224 shares of Ciena common stock.
“Ciena and Cyan share the common belief that disruptive innovations and a customer-first approach are key ingredients to enable network transformation,” said Mike Hatfield, president of Cyan.
“We are confident that our combined efforts will accelerate this transformation adding significant value for our customers.”