Overture, Hatteras Seal the Deal

LAS VEGAS -- Carrier Ethernet market leaders Overture Networks and Hatteras Networks today announced they have completed the merger of the two companies. The new Overture Networks will continue to be headquartered in Research Triangle Park, NC, under the combined leadership and guidance of key members from both companies' executive teams. Service provider customers around the world now have greater access to the broadest array of Carrier Ethernet solutions and services from an even stronger global partner.

"With the merger completed, our united teams are focused on delivering a universal Ethernet services platform to a market hungry for greater freedom of choice," said Jeff Reedy, chief executive officer (CEO), Overture Networks. "Our customers and partners are gaining unfettered access to the widest range of leading-edge Carrier Ethernet edge and aggregation platforms pioneered by two best-of-breed market leaders with established reputations for quality and excellence. Together, we are larger, stronger, and well-positioned to address any challenges arising from today's quickly-evolving telecommunications landscape."

The latest global Carrier Ethernet Access Platform (CEAP) quarterly tracker issued by respected industry analyst firm, Heavy Reading, once again recognizes both Overture and Hatteras as industry frontrunners in their respective segments and asserts that the combined company has emerged as a the overall CEAP leader. The new Overture is home to an expanded array of innovative solutions, creating a universal Ethernet services platform that includes copper and fiber options for 1Mbps to 10Gbps business services, mobile and DSLAM backhaul, and packet-based infrastructures. Already widely deployed by leading service providers in North America, Europe, CALA, and the Asia-Pacific region, the combined company's solutions are now more accessible to an even larger audience.

"As illustrated by our market-leading status in the latest Heavy Reading research report, it is clear that service providers worldwide continue to eagerly embrace our award-winning Carrier Ethernet platforms and solutions," said Kevin Sheehan, president, Overture Networks. "The integration of our innovative technology portfolios combined with our relentless commitment to better serving the needs of our diverse customer base will allow us to maintain and expand our top-of-market position. We are very pleased that this merger has been completed swiftly and smoothly."

Jeff Reedy will lead the new management team as CEO. Kevin Sheehan will take on the role of company President, Prayson Pate becomes Senior Vice President of Engineering and Matt Squire, will assume the position of Overture's Chief Technology Officer. Overture Networks will maintain its base of operations in Research Triangle Park, NC, as well as its technology center located in Richardson, Texas. Overture plans to retain and expand its current employee roster as the company moves forward.

"We continue to have a deep and abiding commitment to providing maximum growth, advancement, and professional development opportunities to our employees who have enabled Overture and Hatteras to reach this critical milestone," said Reedy. "Their combined strength and dedication will help us to continue our upward trajectory and achieve even greater levels of success in the future."

Overture Networks Inc.

Hatteras Networks Inc.