Sandvine (TSX:SVC) has announced it has entered into an arrangement agreement with PNI Canada Acquierco, an affiliate of Fransisco Partners and Procera Networks whereby PNI will acquire all of the issued and outstanding common shares of Sandvine by way of a planned arrangement.
As quoted in the press release:
The Corporation’s special meeting of shareholders scheduled for July 18, 2017 has been postponed and a meeting to consider the PNI Arrangement will be held at a date to be determined by the Board of Directors of the Corporation (the “Special Meeting“).
The combined company will be led by Procera’s Chief Executive Officer, Lyndon Cantor, and Procera’s Chief Financial Officer, Richard Deggs, and retain the Sandvine name.
“Sandvine has done a tremendous job becoming a leader in its market,” said Lyndon Cantor, the Chief Executive Officer of Procera. “Along with the rest of the Procera team, we look forward to bringing the best of both companies together to accelerate our strategy as the preeminent provider in the emerging Network Intelligence market. The combined organization will deliver greater capability to serve our customers, execute on innovation initiatives and expand our addressable market.”
“This is a very exciting next step for Sandvine and Procera. As technologies and networks continue to evolve, I firmly believe that the combination of Sandvine and Procera creates the premier provider in our markets—with the scale and innovation needed to address our customers’ opportunities to build more intelligent networks,” said Dave Caputo, Sandvine’s President and Chief Executive Officer, who will join the Board of Directors of the combined company as Non-Executive Chairman.
Founded in 2001 and headquartered in Waterloo, Ontario, Sandvine’s network policy control solutions add intelligence to fixed, mobile and converged communication service provider networks, to increase revenue, reduce network costs and improve subscriber quality of experience. Procera provides network visibility and control across mobile and fixed broadband networks, transforming data into actionable intelligence for operators to make informed business decisions and improve the quality of subscriber experience. Together, the two companies will be the premier provider of Network Intelligence solutions to communication service providers around the world.