Mavenir & Siris announce recapitalisation plan, secure $300 million in senior financing
US-based network infrastructure firm
Mavenir
along with its existing investor
Siris
, a private equity firm, on Monday announced a recapitalisation plan in agreement with Mavenir's lenders.
Under the plan, the transaction will eliminate over $1.3 billion in existing debt and secure $300 million in new senior financing, along with a subordinated facility from Siris and participating lenders, according to a statement from Mavenir, which was shared exclusively with ETTelecom.
With increased liquidity, a more stable capital structure and substantially reduced net leverage, Mavenir will be well-positioned for sustained growth and long-term success, the company said.
With the funding, Mavenir will be well-positioned to build on its industry-leading position in the
mobile core development
space. Siris will maintain its controlling ownership position in Mavenir and remain an active partner as Mavenir advances its vision of a cloud-native, AI-enabled network.
'We have been spearheading cloud transformation in Core and Open RAN. With a strengthened balance sheet and lower leverage, we are doubling down on our software expertise and domain knowledge to deliver a comprehensive, end-to-end, AI-native telco stack, setting Mavenir up for profitable growth in both Core and Open RAN,' said
Pardeep Kohli
, President and CEO of Mavenir.
Mavenir will double down on its profitable core segment, a suite of software applications focused on voice, messaging, video and data services, while refining its Open RAN investments to prioritize software in 4G and 5G deployments. It will also maintain its Open RAN hardware IP and continue to support its existing customers to ensure maximum flexibility in the evolving Open RAN landscape.
The firm said it will accelerate investment in AI capabilities across its mobile core and Open RAN businesses to drive autonomous networks, deliver AI-native solutions and unlock new revenue streams through AI-based solutions. This strategic focus aligns with Mavenir's vision of building the future of networks with cloud-native solutions that run on any cloud and will allow it to deliver more innovative products and programs to its global customer base while remaining at the forefront of the Open RAN ecosystem.
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