More from Mory and Zhone... Zhone Technologies to Acquire CAGTechnologies; Company Fast-Growing Electronics Developer andManufacturer
November 17, 1999 08:07 AM Eastern Time
OAKLAND, Calif.--(BUSINESS WIRE)--Nov. 17, 1999--Zhone Technologies, Inc., announced today that it is purchasing CAG Technologies, a leader in system development and manufacturing, supplying electronic sub-systems and assemblies to the telecommunications industry worldwide.
Fred Ackourey, co-founder and managing director of privately-owned CAG Technologies, joins Zhone as vice president of product development reporting to Jeanette Symons, chief technology officer of Zhone.
"Acquiring CAG Technologies gives us a well-established senior design and development team, as well as the associated infrastructure for developing new products," said Symons. "Fred will be responsible for hardware architecture design and development of network components for Zhone's next-generation product line."
"Joining Zhone makes a lot of sense for CAG. It lets us leapfrog from developing sub-systems to developing complete systems, which is what I've been working toward all along," said Ackourey. "I'm pleased to join forces with Zhone, where I think something wonderful is going to happen."
About CAG Technologies
CAG Technologies was formed in 1986 to provide sub-system development and manufacturing partnerships to NASDAQ 100 companies. The company has since earned a unique reputation for quality and productivity by working for top-tier network equipment manufacturers around the world. CAG has distinguished itself by the speed with which it completes the product development cycle and brings final products to market.
CAG Technologies is located at 4333 Park Terrace Drive in Westlake, Calif., 91316. For additional information about the CAG Technologies, call 818/865-6333, email info@cagtech.com, or visit the company on the Web as www.cagtech.com.
About Zhone Technologies, Inc.
Founded in September 1999 and based in Oakland, Zhone Technologies is a new breed of equipment provider with a new vision of product development, delivery, and support for telecommunications carriers worldwide.
Starting with an unprecedented $500 million in funding, Zhone's strategy is to combine existing solutions with Zhone intellectual property to create a product portfolio that is purpose-built to supply multi-million-user next-generation networks with a rich array of voice, video, Internet, and entertainment services cost effectively.
The company was founded by the senior management team that grew telecommunications pioneer Ascend Communications, Inc., from its startup roots to a multi-billion-dollar company that was acquired by Lucent Technologies LU for $24 billion in September 1999. Zhone's initial investors include Kohlberg Kravis Roberts & Co., Texas Pacific Group, and New Enterprise Associates.
For more information about Zhone Technologies, consult the company website at www.zhone.com.
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