Lumine Group Enters into an Agreement to Acquire Casa Systems’ Axyom Cloud Native 5G Core Software & RAN Assets
April 03 2024 - 6:14AM
Lumine Group Inc. (“Lumine Group” or “the Company”) (TSXV:
LMN), a global buy-and-hold forever acquirer of communications and
media software businesses, today announced that it has entered into
an asset purchase agreement to acquire the Axyom Cloud Native 5G
Core Software & RAN Assets (“Assets”) from Casa Systems
(Nasdaq: CASA). Casa Systems intends to facilitate the sale of its
businesses, including the Assets, through a Chapter 11 process.
This will mark Lumine Group’s 14th corporate carve-out that it has
completed and set up in the communications and media space.
The Assets provide cloud native 5G network functions (CNFs) in
the core and access networks. Solutions include Access &
Mobility Management, Session Management, User Plane, Network
Repository, and Network Slicing Functions, amongst others.
Additionally, these solutions include 4G/5G Security Gateway and
4G/5G and Access Femto Small Cell Devices.
Founded in 2003 in Andover, Massachusetts, today, Casa Systems
solutions can be found in 70+ countries and 475+ customers across
the globe, counting Verizon as its largest Wireless 5G software and
Femto customer.
“Casa Systems’ Axyom Cloud Native 5G Core Software & RAN
product suite and teams will be a welcomed addition to our
signalling and security software portfolio within Lumine Group,”
said Tony Garcia, Group President at Lumine Group. “In line with
Lumine Group’s approach to operating companies autonomously, this
business unit will be launched under its own brand identity and
expanded heritage product name, to clearly distinguish its product
offerings and serve the global 5G cloud native core and access
markets. We look forward to the opportunities for learning and
growth that lie ahead.”
Michael Glickman, Chief Executive Officer of Casa Systems, said,
“Lumine Group brings deep expertise in the communications sector
and a proven track record of facilitating corporate carve-outs,
well positioning them to support the future goals of the 5G Core
Cloud Native Software & RAN Assets. We believe the sale of
these assets through this process will enable Casa Systems to
minimize disruption for employees and customers, who we will
continue to support while we undertake this process.”
David Nyland, Chief Executive Officer of Lumine Group, added,
“We look forward to providing a permanent home for the Assets. This
acquisition will mark another step forward in Lumine Group’s
mission to build a leading global network of communications and
media software companies and expands our evolving portfolio
ecosystem. Once we complete this acquisition, our first priority
will be to enable a smooth transition for both customers and
employees as we welcome this business to Lumine Group.”
Forward Looking Statements
Certain statements herein may be “forward looking” statements
that involve known and unknown risks, uncertainties and other
factors that may cause the actual events to be materially different
from any future events expressed or implied by such forward looking
statements. Words such as “may”, “will”, “expect”, “believe”,
“plan”, “intend”, “should”, “anticipate” and other similar
terminology are intended to identify forward looking statements.
Forward looking statements in this press release include the
intention of Lumine Group to acquire the Assets. Such forward
looking statements involve significant risks and uncertainties,
should not be read as guarantees of future results, and will not
necessarily be accurate indications of whether or not such results
will be achieved, or when such results will be achieved. A number
of factors could cause actual results to vary significantly from
the results discussed in the forward looking statements. These
forward looking statements reflect current assumptions and
expectations regarding future events and are made as of the date
hereof and Lumine Group assumes no obligation, except as required
by law, to update any forward looking statements to reflect new
events or circumstances.
About Casa Systems
Casa Systems, Inc. (Nasdaq: CASA) is a next-gen technology
leader that supports mobile, cable, and wireline communications
services providers with market leading solutions. Casa’s
virtualized and cloud-native software solutions modernize
operators’ network architectures, expand the range of services they
can offer their consumer and commercial customers, accelerate time
to revenue and reduce the TCO of their network infrastructure and
operations. Casa’s suite of open, cloud-native network solutions
unlocks new ways for service providers to quickly build flexible
networks and service offerings that maximize revenue-generating
capabilities. Commercially deployed in more than 70 countries, Casa
Systems serves over 475 Tier 1 and regional service providers
worldwide. For more information, visit
http://www.casasystems.com/.
About Lumine Group
Lumine Group acquires, strengthens, and grows vertical market
software businesses in the Communications and Media industry. Learn
more at www.luminegroup.com.
Lumine Group Media Contact Erini
AndriopoulosSenior Director of Marketing & Communications,
Lumine
Grouperini.andriopoulos@luminegroup.com+1-437-353-4910
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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