Emerging Technology

Former Executive Vice President of Veritas Technologies to join Sierra Wireless on July 26, 2021

Sierra Wireless (NASDAQ: SWIR) (TSX: SW), a world leading IoT solutions provider, today announced that its Board of Directors has appointed Phil Brace as its new President and CEO, effective July 26, 2021. The current President and CEO, Kent Thexton, will stay on at Sierra Wireless until August 13, 2021 to complete the transition.

"I am thrilled to welcome Phil to Sierra Wireless," said Robin Abrams, Chair of the Sierra Wireless Board of Directors. "After an extensive search process, we are pleased to have secured a high-caliber candidate with a strong track record and more than 25 years' experience in the semiconductor, server, and storage industries including hardware, software, services, engineering, marketing, and sales. I am confident Phil will add significant value in leading Sierra Wireless' continued growth as a global IoT solutions provider."

Phil Brace has an extensive technology and operations background and was most recently Executive Vice President at Veritas Technologies. His previous executive roles include President of Seagate Technology's Cloud Systems and Electronic Solutions, Executive Vice President at LSI Corporation, and General Manager at Intel Corporation. Brace holds a Bachelor's degree in Applied Science from the University of Waterloo and a Master's degree in Electrical Engineering from California State University, Sacramento.

"The global IoT solutions market is growing rapidly and Sierra Wireless is well positioned to lead with its strong portfolio of connectivity services, gateways, and embedded modules. I am very excited to join the company and look forward to making a major impact to drive growth and profitability," said Brace.

Board Chair Robin Abrams also commented: "On behalf of the entire Board, I would like to thank Kent for his significant contributions to Sierra Wireless, both over the 13 years he spent as a member of the Board and over the last three years as CEO. Thanks to his vision and leadership, Sierra has successfully transformed from a hardware-only company to a strong and dynamic market leader in IoT services and solutions. We wish Kent all the best in his retirement."

"The transformation of Sierra Wireless into a leader in complete IoT Solutions has been an exciting journey and the business has great sales momentum," said Thexton. "The Industrial IoT market is in the early stages of digitizing all its assets and Sierra Wireless is growing with the key leaders in this market. Further growth is coming from 5G and the strong market acceptance of Sierra Wireless new 5G gateways. I am excited to see Phil lead the team and the company to great success."

To contact the Sierra Wireless Sales Desk, call +1 877-687-7795 or visit http://www.sierrawireless.com/sales .

About Sierra Wireless

Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is a world leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy. Companies globally are adopting 4G, 5G, and LPWA solutions to improve operational efficiency, create better customer experiences, improve their business models, and create new revenue streams. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions. With more than 25 years of cellular IoT experience, Sierra Wireless is the global partner customers trust to deliver them their next IoT solution. For more information, visit www.sierrawireless.com .

Connect with Sierra Wireless on the IoT Blog at http://www.sierrawireless.com/iot-blog , on Twitter at @SierraWireless, on LinkedIn at https://www.linkedin.com/company/sierra-wireless and on YouTube at https://www.youtube.com/SierraWireless .

"Sierra Wireless" is a registered trademark of Sierra Wireless, Inc. Other product or service names mentioned herein may be the trademarks of their respective owners.

Forward Looking Statements

This press release contains forward-looking statements. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations but involve risks and uncertainties. These statements may relate to, among other things: plans for our CEO transition, the IoT market and our participation therein, plans and timing for the introduction or enhancement of our products and services, future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans that are not historical fact. These statements are subject to numerous risks and uncertainties surrounding our business and the markets we operate in, including, but not limited to, changes in technology and market conditions and our ability to implement our strategy and successfully develop, manufacture and supply new products and services. A further discussion of the risks and uncertainties facing Sierra Wireless are discussed in its Annual Information Form and Management's Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in Sierra Wireless' other regulatory filings with the Securities and Exchange Commission in the United States and the provincial securities commissions in Canada. Due to these many risks and uncertainties we cannot assure you that the forward-looking statements contained in this press release will be realized. Except as may be required by applicable securities laws, Sierra Wireless assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

Louise Matich
Sierra Wireless
Media Relations
phone: +1 236 979 2154
pr@sierrawireless.com

David Climie
Sierra Wireless
Investor Relations
phone: +1 604 321 1137
dclimie@sierrawireless.com

News Provided by Business Wire via QuoteMedia

Sierra Wireless Reports Second Quarter 2022 Results

Revenue in Q2'22 was $188.0 million and Adjusted EBITDA was $22.4 million

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) reported results for its second quarter of 2022. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP" or "GAAP"), except as otherwise indicated below. 1

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

BlackBerry Cyber Insurance Study Reveals Businesses Hope for Greater Assistance in Paying Ransomware Demands

Eighty-one percent of respondents had a coverage limit under $600,000 below last year's median ransomware demand

WATERLOO, ON , Aug. 10, 2022 /PRNewswire/ -- BlackBerry Limited (NYSE: BB) (TSX: BB) and Corvus Insurance today released the BlackBerry Cyber Insurance Coverage study, showing businesses are increasingly concerned about how they will meet ransomware demands. Only 19 percent of those surveyed have ransomware coverage limits above $600,000 , while over half (59 percent) hoped the government would cover damages when future attacks are linked to other nation-states.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

BlackBerry Cyber Insurance Study Reveals Businesses Hope for Greater Assistance in Paying Ransomware Demands

Eighty-one percent of respondents had a coverage limit under $600,000 below last year's median ransomware demand

WATERLOO, ON , Aug. 10, 2022 /PRNewswire/ -- BlackBerry Limited (NYSE: BB) (TSX: BB) and Corvus Insurance today released the BlackBerry Cyber Insurance Coverage study, showing businesses are increasingly concerned about how they will meet ransomware demands. Only 19 percent of those surveyed have ransomware coverage limits above $600,000 , while over half (59 percent) hoped the government would cover damages when future attacks are linked to other nation-states.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Semtech Corporation to Acquire Sierra Wireless

Creating a comprehensive IoT platform to enable the transformation to a smarter, more sustainable planet

  • Brings together the ultra-low power benefits of LoRa® with higher bandwidth capabilities of cellular for easy to use, interoperable solutions that enable innovation and growth for IoT globally
  • Expected to approximately double Semtech annual revenue and add greater than US$100 million of high margin IoT Cloud services recurring revenues
  • Expected to expand Semtech's IoT SAM by approximately 10x to US$10 billion by 2027
  • Expected to be immediately accretive to Semtech's non-GAAP EPS before synergies and generate US$40 million of run-rate operational synergies within 12-18 months post-close

Semtech Corporation (Nasdaq: SMTC), a leading global supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms, and Sierra Wireless, Inc. (Nasdaq: SWIR) (TSX: SW), a world-renowned Internet of Things (IoT) solutions provider, today announced a definitive agreement under which Semtech will acquire all outstanding shares of Sierra Wireless for US$31 per share in an all-cash transaction representing a total enterprise value of approximately US$1.2 billion, subject to customary closing conditions. The acquisition will significantly expand Semtech's addressable market and is expected to approximately double Semtech's annual revenue and create a strong and diverse portfolio of connectivity solutions for the growing IoT market, making it easier for customers to find innovative end to end solutions for any segment. The deal is also expected to be immediately accretive to Semtech's non-GAAP EPS before synergies and generate US$40 million of run-rate operational synergies within 12-18 months post-transaction close.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Sierra Wireless Announces Preliminary Second Quarter 2022 Financial Results

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported preliminary financial results for its second quarter of 2022. All results are reported in U.S. dollars and are prepared in accordance with the United States generally accepted accounting principles ("GAAP"), except as otherwise indicated below.

For the second quarter of 2022, preliminary revenues are expected to be between $185 million and $189 million. Adjusted EBITDA* is expected to be between $21 million and $23 million, as compared to first quarter 2022 adjusted EBITDA* of $15.8 million.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Sierra Wireless Confirms Discussions Regarding a Potential Transaction with Semtech

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today confirmed that it has engaged in advanced discussions regarding a potential transaction with Semtech Corporation (NASDAQ: SMTC) at a price of US$31 per share.

No assurance can be given that the Company will determine to continue such discussions or enter into any definitive agreement regarding any transaction or, if executed, whether any such transaction would be consummated. The Company does not intend to make any further press release or announcement regarding these matters unless and until it enters into a binding, definitive agreement with respect thereto.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×