Fortinet closes ac­qui­si­tion of Meru Net­works

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Fortinet has an­nounced it has closed the ac­qui­si­tion of Meru Net­works . With the close

this ac­qui­si­tion, Fortinet ex­pands on its se­cure wire­less vi­sion and en­ter­prise growth fo­cus, broad­ens the com­pany’s so­lu­tions port­fo­lio, and ex­pands its op­por­tu­nity to uniquely ad­dress the $5B global en­ter­prise Wi-Fi mar­ket with in­te­grated and in­tel­li­gent se­cure wire­less so­lu­tions.

Fortinet’s proven so­lu­tions in se­cure Wi-Fi mar­kets, with its For­tiAP se­cure wire­less ac­cess points and For­tiWiFi in­te­grated se­cu­rity ap­pli­ances for en­ter­prise branch of­fices and small busi­nesses have been among the fastest grow­ing prod­ucts in the com­pany’s “ad­vanced tech­nolo­gies” port­fo­lio. The ad­di­tion of Meru’s in­tel­li­gent Wi-Fi so­lu­tions to the Fortinet port­fo­lio ex­tends the de­liv­ery of a se­cure, un­in­ter­rupted user ex­pe­ri­ence – any­time any­where – pro­vid­ing peak per­for­mance in en­vi­ron­ments re­quir­ing high ca­pac­ity load and a high-den­sity of wire­less users, such as en­ter­prise, ed­u­ca­tion, healthcare, and hos­pi­tal­ity.

“To truly pro­tect against all pos­si­ble at­tack vec­tors, we are con­tin­u­ing to ex­pand our mar­ket-lead­ing end-to-end se­cu­rity plat­form to pro­vide cus­tomers with the vis­i­bil­ity and con­tin­u­ous threat pro­tec­tion they need – from the data cen­ter, to the cloud to the end-point,” said Ken Xie, founder, chair­man and CEO of Fortinet. “We ex­pect the ac­qui­si­tion of Meru to help us de­liver new so­lu­tions and ser­vices to help en­ter­prises of all sizes de­ploy, man­age, and se­cure wired and wire­less net­works in a mo­bile era.”

Fortinet and Meru cus­tomers will ben­e­fit from Fortinet’s com­mit­ment to pro­vid­ing se­cure, un­in­ter­rupted con­nec­tiv­ity for their highly mo­bile end-users, while of­fer­ing chan­nel part­ners a broader so­lu­tions port­fo­lio to take to mar­ket. With the com­ple­tion of the trans­ac­tion, Meru em­ploy­ees of­fi­cially join Fortinet.

In con­nec­tion with the ac­qui­si­tion, Fortinet is pay­ing $1.63 per Meru share in cash, an eq­uity value of ap­prox­i­mately $44 mil­lion for the trans­ac­tion. Fortinet first com­pleted the ten­der of­fer for all out­stand­ing shares of Meru by ac­cept­ing for pay­ment all such shares validly ten­dered and not prop­erly with­drawn as of the ex­pi­ra­tion time of the ten­der of­fer, which rep­re­sented ap­prox­i­mately 60.18% of Meru’s out­stand­ing shares. Sub­se­quently, a whol­ly­owned sub­sidiary of Fortinet merged with and into Meru, re­sult­ing in Meru be­com­ing a wholly owned sub­sidiary of Fortinet. As a re­sult of the merger, all re­main­ing shares of Meru not pur­chased by Fortinet in the ten­der of­fer (other than shares owned by Meru, Fortinet or their sub­sidiaries and shares sub­ject to prop­erly ex­er­cised ap­praisal rights claims) were con­verted into the right to re­ceive the afore­men­tioned cash pay­ment. All shares of Meru are will be delisted from the NAS­DAQ stock mar­ket by the close on 8 July, 2015.

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