by Billy MacInnes
1 October 2008
US private equity
firm The Gores Group has concluded a joint venture transaction with Siemens AG
by purchasing a 51 percent stake in Siemens Enterprise Communications (SEC).
Gores plans to
operationally merge the SEC business with network equipment and security
solutions provider Enterasys and call centre software company SER Solutions.
Gores and Siemens
intend to invest at least €350 million in the joint venture, not including
R&D expenditure, to help launch products on the market, acquire other
technology platforms and make the transition from a hardware supplier to a
software and service provider.
Alec Gores, founder and chairman of The Gores Group, said the company
was "very excited" about the deal. "We think that Siemens
Enterprise Communications will help expand our presence in the enterprise
networking and communications space and we look forward to rapidly growing the
joint venture," he added.
Siemens chief financial officer Joe Kaeser said the deal would benefit
customers, employees and shareholders.
The OpenScape UC Server will remain an integral part of the portfolio,
as will OpenPath migration strategies for existing product families designed to
ensure a smooth transition to the Unified Communications solutions. Support and
upgrades for SEC products, including HiPath 3000 and HiPath 4000, will also be
continued.
