US- based telecom equipment manufacturer, Ciena Corporation has entered into a definitive agreement to acquire telecom company, Cyan Inc. Under the terms of the agreement, Ciena will acquire all of the outstanding shares of Cyan in a cash and stock transaction currently valued at approximately $400 million (or $335 million, net of estimated cash acquired) and inclusive of Cyan?s outstanding convertible notes on and as-converted basis.
?Ciena is transforming networks by applying web-scale technologies for delivering greater efficiency, network automation and agility while driving the industry toward an open ecosystem,? said Gary Smith, president and CEO of Ciena. ?The addition of Cyan accelerates the availability of a complete solution for our customers to deliver virtualised networks and services on-demand.?
?Ciena and Cyan share the common belief that disruptive innovations and a customer-first approach are key ingredients to enable network transformation,? said Mike Hatfield, president of Cyan. ?We are confident that our combined efforts will accelerate this transformation adding significant value for our customers.?
