Jio Jio Platforms unit Radisys to acquire Mimosa Networks for $60 million
Mumbai: Radisys Corporation, a wholly owned subsidiary of Jio Platforms, would acquire Mimosa Networks for US$ 60 million on a debt-free, cash-free basis from Airspan Networks Holdings.
Reliance Jio Infocomm USA Inc, a wholly owned step-down subsidiary of Jio is a shareholder of Airspan and maintains a seat on its Board of Directors.
Airspan acquired Mimosa in 2018 to target cost-effective fixed wireless access network connections. Mimosa has a diverse portfolio of point-to-point and point-to-multi-point products based on WiFi 5 and the newer WiFi 6E technologies as well as related accessories, such as twist-on antennas, PoE Injectors, etc.
"These solutions have use cases in the backhaul requirements for 5G and FTTX/ FWA rollouts. Jio has been a major customer of Mimosa," Jio's parent company Reliance Industries Ltd (RIL) said in a regulatory filing on Thursday.
A media statement on the deal said that Mimosa’s product development, manufacturing, and sales teams of 56 employees will continue with Mimosa following the acquisition by Radisys.
"Airspan maintains a reseller channel for specific joint 4G/5G and FWA projects and will continue marketing Mimosa products to some of its customers following the acquisition," it said.
Speaking about the transaction, Jio President Mathew Oommen, said, “Over the years, our collaboration with Airspan has resulted in groundbreaking architectures for high-speed connectivity for both the end user and for backhaul applications."
"Acquisition of Mimosa will further accelerate Jio’s innovation and leadership in the production of telecom network products that deliver value to consumers and enterprises across the globe with cost-effective, rapidly deployable fixed and mobile broadband,” Oommen further said.
Eric Stonestrom, Chairman and CEO of Airspan said, “We are excited about this transaction. It not only puts a very capable product team with one of the world’s most innovative and transformative technology and telecommunications companies, but it also strengthens Airspan’s balance sheet enabling the company to pursue 4G and 5G private and MNO networks that have been our main focus.”
(With UNI inputs)
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