Stratus Technologies, the leading provider of availability solutions, today announced the completion of its acquisition by an affiliate of Siris Capital Group, LLC, in a transaction valued at approximately $352 million. The transaction was initially announced on March 31, 2014.
“Our new ownership structure will enable us to continue to invest in our existing solutions while accelerating our next-generation software and cloud businesses,” said Dave Laurello, President and CEO, Stratus Technologies. “Going forward, our customers and partners will continue to experience the same dedication to innovation, customer service and support that they have come to expect from Stratus.”
“Stratus has great technology, great customers and great people,” said Dan Moloney, Siris Capital Executive Partner. “Our investment will give Stratus the financial stability to continue to invest in and deliver the world-class products and services their customers rely on and further their position as the global market leader of availability solutions.”
As a result of the transaction, Stratus and certain of its affiliates intend to file certifications with the Securities and Exchange Commission of the termination of their respective duties to file reports under Section 15(d) of the Securities Exchange Act of 1934, as amended, and intend to cease filing such reports thereafter.
Jefferies LLC served as exclusive financial advisor to Stratus and Gibson Dunn & Crutcher LLP acted as legal counsel to Stratus. Wells Fargo Securities, LLC and Macquarie Capital (USA) Inc. acted as M&A advisors to Siris and Simpson Thacher & Bartlett LLP acted as legal advisor to Siris.
This press release contains certain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). When used in this press release, statements containing the words “believe”, “expect”, “anticipate”, “contemplate”, “estimate”, “intend”, “plan”, “project”, “seek” and similar expressions identify forward-looking statements. Such statements relate to future events and implicate risks, uncertainties and other factors both known and unknown which, should they materialize (or should underlying assumptions or estimates prove incorrect), may cause actual results to vary materially from the forward-looking statements made. These risks, uncertainties and other factors include the following, as well as others discussed in the filings of Stratus Technologies Bermuda Holdings Ltd. with the Securities and Exchange Commission: uncertainties associated with the proposed acquisition of Stratus by an affiliate of Siris; the anticipated timing of filings and approvals relating to the proposed acquisition; the expected timing of completion of the proposed acquisition; the ability of third parties to fulfill their obligations relating to the proposed acquisition, including providing financing under current financial market conditions; the ability of the parties to satisfy the conditions to closing of the proposed acquisition; and general and regional economic conditions and industry trends and competition. Forward-looking statements are based on the beliefs of management and are not guarantees of future performance. Any forward-looking statements in this press release are made as of the date hereof, and Stratus undertakes no duty to update further such forward-looking statements, whether as a result of new information, future events or otherwise.
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