December 19, 2008
SAN JOSE, Calif., Dec 19 -- Brocade today announced that it has completed its acquisition of Foundry Networks, a performance and total solutions leader for network switching and routing for $16.50 per share in cash. The addition of Foundry's products and technologies enables Brocade to better address the needs of its customers and strengthens the company's position as a proven, high-performance networking leader.
"The close of the Foundry acquisition will significantly enhance our ability to deliver on our mission of connecting the world's most important information," said Mike Klayko, Brocade CEO. "Brocade will now be able to offer a comprehensive IP and datacenter networking solution portfolio capable of addressing emerging market technology trends while meeting the needs of the world's most demanding, data-intensive organizations."
Foundry was founded in 1996 and has approximately 1100 employees with operations in all major geographies. Foundry employees and the company's products and technologies will be integrated throughout Brocade according to function.
Qatalyst Partners advised Brocade on financial matters and Cooley Godward Kronish LLP was Brocade's legal advisor.
For more information about the Brocade acquisition of Foundry, please watch the video interview of Mike Klayko at http://www.youtube.com/watch?v=njmeDfrMZC8. For more company information, visit www.brocade.com/extraordinary.
Brocade (Nasdaq: BRCD) develops the highest-performance, most cost- effective, and most reliable networking solutions that enable today's complex, data-intensive organizations to optimize information connectivity and maximize the business value of their data. For more information, visit www.brocade.com.
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