Reliance Jio's Radisys to buy Mimosa Networks for $60 million
Radisys Corp is a unit of Reliance Industries Ltd owned Jio Platforms
PremiumRadisys Corp, a unit of Reliance Industries Ltd (RIL) owned Jio Platforms, will buy Mimosa Networks from U.S.-based IT services company Airspan Networks Holdings Inc for $60 million on a debt-free, cash-free basis, the companies said on Thursday.
“Today, Airspan Networks Holdings (Airspan) and Radisys Corporation (Radisys), a wholly owned subsidiary of Jio Platforms Limited (Jio), announced the sale of Mimosa Networks, Inc. (Mimosa) to Radisys for $60 million on a debt free, cash free basis," as per the statement. 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.
Mimosa’s product development, manufacturing, and sales teams of 56 employees will continue with Mimosa following the acquisition by Radisys and 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, the companies added.
Speaking about the transaction, Mathew Oommen, President, Jio said, “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."
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.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
