Sonus Networks cuts the ribbon on its new post-merger identity
- 29 November, 2017 15:50
Sonus Networks has finally completed its journey to becoming Ribbon Communications, following its merger with GENBAND, which closed on 27 October.
The new combined entity changed its official corporate name to Ribbon Communications on 28 November, with its common stock ticker symbol on the Nasdaq Global Select Market set to change to “RBBN” effective from the commencement of trading on 29 November (United States Eastern Time).
“Today is a significant milestone for our newly combined organization,” Ribbon Communications’ president and CEO, Ray Dolan, said.
“The entire Ribbon Communications team is excited about our enhanced ability to deliver value to our customers, partners and shareholders as we deliver market-leading real-time communications and security solutions across the globe,” he said.
Despite the change of trading name for its corporate entity and new ticker symbol, the cloud communications solutions provider has been conducting business under the Ribbon Communications name since 30 October, after closing the GENBAND merger just days earlier.
The US-based Sonus Networks revealed in May it had struck a deal to merge with the enterprise network transformation and real-time communications solutions provider.
The transaction valued the combined company at an enterprise value of approximately US$745 million.
The combined company is expected to see annual cost synergies of US$40 million to US$50 million in 2018 and to drive cash flow from operations in the first year after closing.
The merger was initially aimed at seeing Sonus' software-based real-time communication virtualisation, cloud-based session initiation protocol (SIP) and 4G/voice-over LTE solutions combined with with GENBAND's network modernisation, unified communications, mobility and embedded communications solutions.
The companies said that, together, they would be better positioned to enable network transformations to IP and cloud-based networks for communication service providers and enterprise customers, thanks in part to a broader and deeper global sales footprint globally.
“Our new name is not just about connecting point ‘a’ to point ‘b’,” Dolan said. “It reflects our strong desire to continue moving the real-time communications industry forward by dramatically improving the communications experience and encompassing the ability to ensure our contact points are elegantly and seamlessly simple to create, manage and monitor."