Sycamore Networks, Inc. Completes Acquisition of Sirocco Systems, Inc.
Business Wire
September 07 2000 07:19AM PT
CHELMSFORD, Mass.--(BUSINESS WIRE)--Sept. 7, 2000--Sycamore Networks, Inc. (NASDAQ: SCMR), a leader in intelligent optical networking, today announced that it had completed its acquisition of privately-held Sirocco Systems, Inc. Sirocco develops and markets optical access aggregation, switching and network management products targeted for the metropolitan access and edge markets. Founded in July 1998, Sirocco is located in Wallingford, Connecticut.
Under the terms of the merger agreement, an aggregate of approximately 28.4 million shares of Sycamore common stock will be exchanged for all outstanding shares of Sirocco and issuable under outstanding Sirocco stock options assumed by Sycamore. The transaction will be accounted for as a pooling-of-interests.
Sirocco will provide Sycamore with a comprehensive portfolio of multi-service optical networking products for the emerging optical access market. Complementing Sycamore's existing product line of transport, switching and management products, the Sirocco product suite will extend the range and reach of services supported by the intelligent optical network from the core to the edge of the public network. With this combined product line service providers will be able to leverage the power of the intelligent optical core to deliver a broad range of services including: ATM, TDM, IP, DS3/E3 through OC-192/STM-64 and Gigabit Ethernet. First products from Sirocco are expected to be available in the fourth calendar quarter of 2000.
As previously announced, Sirocco's approximately 150 employees now form Sycamore's new Optical Access business unit. Sirocco's president and chief executive officer, Jonathan Reeves, has become Sycamore's vice president and general manager, Optical Access.
pacbell.snap.com
Greg, re LTB&H: I haven't sold anything since Friday. Does that count?<gg>
Bought back SSTI, NTAP, CIEN, & GLW on Tue & Wed.
I am treating SCMR like you said to treat JNPR, Greg, give it 15%. Or, do you think otherwise? TIA
jj |
