TORONTO, April 03, 2024 (GLOBE NEWSWIRE) -- Lumine Group Inc. ("Lumine Group" or "the Company") (TSXV: LMN), a global buy-and-hold forever acquirer of communications and media software businesses, today announced that it has entered into an asset purchase agreement to acquire the Axyom Cloud Native 5G Core Software & RAN Assets ("Assets") from Casa Systems (Nasdaq: CASA). Casa Systems intends to facilitate the sale of its businesses, including the Assets, through a Chapter 11 process. This will mark Lumine Group's 14th corporate carve-out that it has completed and set up in the communications and media space.
The Assets provide cloud native 5G network functions (CNFs) in the core and access networks. Solutions include Access & Mobility Management, Session Management, User Plane, Network Repository, and Network Slicing Functions, amongst others. Additionally, these solutions include 4G/5G Security Gateway and 4G/5G and Access Femto Small Cell Devices.
Founded in 2003 in Andover, Massachusetts, today, Casa Systems solutions can be found in 70+ countries and 475+ customers across the globe, counting Verizon as its largest Wireless 5G software and Femto customer.
"Casa Systems' Axyom Cloud Native 5G Core Software & RAN product suite and teams will be a welcomed addition to our signalling and security software portfolio within Lumine Group," said Tony Garcia, Group President at Lumine Group. "In line with Lumine Group's approach to operating companies autonomously, this business unit will be launched under its own brand identity and expanded heritage product name, to clearly distinguish its product offerings and serve the global 5G cloud native core and access markets. We look forward to the opportunities for learning and growth that lie ahead."
Michael Glickman, Chief Executive Officer of Casa Systems, said, "Lumine Group brings deep expertise in the communications sector and a proven track record of facilitating corporate carve-outs, well positioning them to support the future goals of the 5G Core Cloud Native Software & RAN Assets. We believe the sale of these assets through this process will enable Casa Systems to minimize disruption for employees and customers, who we will continue to support while we undertake this process."
David Nyland, Chief Executive Officer of Lumine Group, added, "We look forward to providing a permanent home for the Assets. This acquisition will mark another step forward in Lumine Group's mission to build a leading global network of communications and media software companies and expands our evolving portfolio ecosystem. Once we complete this acquisition, our first priority will be to enable a smooth transition for both customers and employees as we welcome this business to Lumine Group."
Forward Looking Statements
Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual events to be materially different from any future events expressed or implied by such forward looking statements. Words such as "may", "will", "expect", "believe", "plan", "intend", "should", "anticipate" and other similar terminology are intended to identify forward looking statements. Forward looking statements in this press release include the intention of Lumine Group to acquire the Assets. Such forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future results, and will not necessarily be accurate indications of whether or not such results will be achieved, or when such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and are made as of the date hereof and Lumine Group assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.
About Casa Systems
Casa Systems, Inc. (Nasdaq: CASA) is a next-gen technology leader that supports mobile, cable, and wireline communications services providers with market leading solutions. Casa's virtualized and cloud-native software solutions modernize operators' network architectures, expand the range of services they can offer their consumer and commercial customers, accelerate time to revenue and reduce the TCO of their network infrastructure and operations. Casa's suite of open, cloud-native network solutions unlocks new ways for service providers to quickly build flexible networks and service offerings that maximize revenue-generating capabilities. Commercially deployed in more than 70 countries, Casa Systems serves over 475 Tier 1 and regional service providers worldwide. For more information, visit http://www.casasystems.com/.
About Lumine Group
Lumine Group acquires, strengthens, and grows vertical market software businesses in the Communications and Media industry. Learn more at www.luminegroup.com.
Lumine Group Media Contact
Erini Andriopoulos
Senior Director of Marketing & Communications, Lumine Group
erini.andriopoulos@luminegroup.com
+1-437-353-4910
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