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Combination Strengthens Both Companies’ Positions in VoIP and IMS Markets, Increases Breadth and Depth of Future Product Offerings and Expands Global Reach
RadiSys Corporation (Nasdaq: RSYS), a leading global provider of advanced embedded systems, today announced the successful completion of its previously announced acquisition of Convedia Corporation, whereupon Convedia has become a wholly-owned subsidiary of RadiSys. Convedia Corporation is the global leader in IP media processing technologies and IP media server products.
Pursuant to the terms of the arrangement agreement, RadiSys paid $105 million in cash at closing. RadiSys could pay up to an additional $10 million in cash determined by a contingent formula tied to achieving certain profitability goals during the twelve-month period beginning October 1, 2006. In connection with the closing, the Compensation and Development Committee of RadiSys' Board of Directors approved the RadiSys Corporation Stock Plan for Convedia Employees. The maximum number of initial and ongoing new hire shares of common stock that may be granted under this plan is 365,000. The Committee awarded Convedia employees 169,300 stock options, 5,800 restricted stock awards and 132,905 restricted stock units in accordance with this plan. Approximately 106 Convedia employees received these awards under this plan. These awards were granted in connection with RadiSys' acquisition of Convedia and qualify as an exception to the shareholder approval requirement of the Nasdaq Marketplace Rules pursuant to Nasdaq Marketplace Rule 4350(i)(1)(A)(iv). RadiSys (Nasdaq: RSYS) is a leading provider of advanced embedded solutions for the Communications Networking and Commercial Systems markets. Through intimate customer collaboration, and combining innovative technologies and industry leading architecture, RadiSys helps OEMs bring better products to market faster and more economically. RadiSys products include embedded boards, platforms and systems, which are used in today's complex computing, processing and network intensive applications. RadiSys is headquartered at 5445 NE Dawson Creek Drive, Hillsboro, OR 97124 and can be reached at 503-615-1100. For press information only: Lyn Pangares, RadiSys Corporation, 503-615-1220. The RadiSys web site is www.radisys.com. Convedia is the leading supplier of application and platform-independent IP media processing products and technologies for VoIP and IMS networks. Convedia's products enable fixed, mobile and cable service providers deploying IMS and pre-IMS services to reduce service delivery costs and more rapidly introduce new innovative voice, video, and multimedia services. Convedia's products enable enterprise customers to deliver new productivity enhancing applications and services on their converged enterprise networks while helping to reduce infrastructure and operating costs. Since pioneering the IP media server market in early 2000, Convedia has deployed its multi-service media processing platforms and technology with over 200 end customers worldwide, including over 25 of world's top 50 carriers and numerous Fortune 500 customers. Convedia is headquartered at 4190 Still Creek Drive, Suite 300, Vancouver, BC, Canada, V5C 6C6 and can be reached at 604-918-6300. The Convedia web site is http://www.convedia.com. RadiSys is a registered trademark, Promentum and Procelerant are trademarks of RadiSys Corporation. Convedia, eXMP, eXtended Media Processing, CMS-1000, CMS-3000, CMS-6000 and CMS-9000, are trademarks or registered trademarks of Convedia Corporation. All other names mentioned are trademarks, registered trademarks or service marks of their respective companies. Source: RadiSys Corporation For more information, contact: |
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