ADVA Buys R&D Team From Siemens

Team of engineers from Siemens Norway purchased for 6 million euros-worth of common stock

October 4, 2000

1 Min Read

MUNICH and RAMSEY, N.J. -- ADVA Optical Networking (German Neuer Markt: ADV), a leading global provider of optical networking solutions, announces the acquisition of a leading team of telecommunication research and development (R&D) engineers from Siemens Norway. Under the terms of the agreement, the assets were purchased at a total purchase price of EUR 6 million. The purchase price was paid in shares of common stock in ADVA issued in exchange for the assets of the Telecom R&D team from Siemens Norway. This acquisition closed on September 25, 2000, and the total number of newly-issued non-bearer shares was 51,633. In conjunction with the acquisition, ADVA founded a Norwegian subsidiary, ADVA Optical Networking AS.

"The Norwegian Telecom R&D team brings 32 engineers with valuable protocol knowledge and experience to ADVA, including SDH/SONET and ATM. Their expertise in developing leading software management platforms will significantly support and enhance further development of ADVA's ring and mesh network capabilities, as well as ongoing network element manager development for our products," said Brian L. Protiva, ADVA's Chief Strategy Officer.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like