CIENA Corporation (NASDAQ: CIEN), a provider of intelligent optical networking systems and software, announced it has completed its acquisition of privately held Cyras Systems, Inc. Cyras, based in Fremont, Calif., is developing data-optimized optical switching systems for metropolitan area network applications.
According to the agreement announced December 19, 2000, CIENA acquired all outstanding shares of Cyras in exchange for approximately 27 million shares of CIENA common stock. Based on the closing price of CIENA's common stock on Thursday, March 29, 2001, the transaction is valued at approximately $1.1 billion and will be accounted for as a purchase.
Commercial availability of Cyras' K2 product, a next-generation, data-optimized SONET transport and switching platform for metropolitan area network applications, is expected during the first half of calendar 2001. CIENA's fiscal second quarter results, which it expects to report on May 17, 2001, will include approximately one month of combined CIENA and Cyras operating results.
Cyras, which will remain in Fremont, immediately will become CIENA's Metropolitan Switching Division. Alnoor Shivji, Cyras' founder, CEO and president will assume the role of Division President, Metropolitan Switching Division, reporting to CIENA President and COO, Gary Smith.
CIENA Corporation offers optical networking systems for networks and services worldwide. For more information, visit www.ciena.com.