OAKLAND, Calif. -- DASAN Zhone Solutions, Inc. (formerly known as Zhone Technologies, Inc.) (NASDAQ:DZSI), a global leader in fiber access transformation for enterprise and service provider networks, announced that its acquisition of DASAN Network Solutions, Inc., a leading network solution provider, has been completed, resulting in the company emerging as a global leader in broad-based network access solutions.
In connection with the acquisition, the company issued approximately 47.5 million shares of its common stock, representing 58 percent of the combined company, to DASAN Networks, Inc., the former sole shareholder of DASAN Network Solutions, and changed its name to DASAN Zhone Solutions, Inc.
The company will commence trading on the Nasdaq Capital Market under the new symbol DZSI on Monday, Sept. 12, 2016.
"The acquisition of DASAN Network Solutions will immediately position DASAN Zhone as a leading provider of broadband access, ethernet switching, mobile backhaul, passive optical LAN and software defined networks," stated James Norrod, co-CEO of DASAN Zhone Solutions. "We know demand for these solutions is high and we will immediately begin co-selling to each company`s loyal customer base with a unified sales and support team in every major geographic region."
DASAN Network Solutions provides end-to-end network solutions across carrier and enterprise markets. DASAN Zhone Solutions serves more than 800 of the world`s most innovative network operators and a variety of enterprise customers. Moving forward the company will provide solutions in five major product areas:
"DASAN Zhone Solutions will deliver a broad array of products that will allow carriers and enterprises to connect at tremendous speeds," stated Yung Kim, co-CEO of DASAN Zhone Solutions. "We will provide significant investment resources and our highly-talented teams will deliver the best communication products in the world."
DASAN Zhone Solutions will continue to be headquartered in the company`s current location in Oakland, California and will maintain manufacturing facilities in the U.S., Korea and China. The company will also have offices in the Americas, Asia, Europe, Korea and the Middle East.