SUNNYVALE, Calif., March 04, 2019 (GLOBE NEWSWIRE) -- Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, announced that the company has entered into a definitive agreement to acquire Mist Systems, a pioneer in cloud-managed wireless networks powered by Artificial Intelligence (AI). The deal will enhance Juniper’s enterprise networking portfolio by combining Mist’s next-generation Wireless LAN (WLAN) platform with Juniper’s best-in-class wired LAN, SD-WAN and security solutions to deliver unsurpassed end-to-end user and IT experiences.
Under the terms of the agreement, Juniper Networks will acquire Mist for aggregate consideration of $405 million, subject to adjustment, payable in cash and the assumption of outstanding equity awards. The proposed acquisition is expected to close in Juniper Networks’ fiscal second quarter, subject to regulatory approvals and customary closing conditions. It is expected to be slightly dilutive to FY’19 Non-GAAP EPS and slightly accretive to Non-GAAP EPS in FY’20.
Mist has built the world’s first AI-driven wireless platform, which makes Wi-Fi more predictable, reliable and measurable. Mist has also developed the networking industry’s only AI-driven virtual assistant, Marvis, to simplify wireless troubleshooting and provide unprecedented insight into client and network behavior. In addition, Mist uses patented virtual Bluetooth® LE technology in conjunction with Wi-Fi and IoT to deliver scalable and cost-effective location-based wireless services to customers, such as indoor wayfinding, proximity notifications, traffic analytics and asset tracking. All operations are managed via Mist’s modern cloud microservices architecture for maximum scalability, agility and performance. As a result, Mist is quickly becoming the WLAN standard for enterprise customers across numerous industries, including two of the Fortune 10, seven of the top 40 retailers, the flagship facility at the US’s largest healthcare system, one of the top mobile carriers and one of the world’s largest airlines.
The acquisition will expand Juniper’s presence in the rapidly growing cloud-managed segment of the wireless networking market. Further, the deal enables Juniper to extend cloud-based management and end-to-end AI-driven visibility (“AI for IT”) across the end-to-end enterprise network (from access to the WAN) to offer an industry-leading, software-defined and highly differentiated solution for simplifying operations, improving user experience and lowering total cost of ownership (TCO).
“Mist Systems is a great fit for Juniper and for our enterprise customers,” explained Rami Rahim, CEO of Juniper Networks. “Juniper and Mist share a common strategic goal. We believe in the Software-Defined Enterprise and Mist’s focus on bringing AI to IT is consistent with our core belief that we need to simplify operations and improve customer experience while lowering costs. With Mist, we are adding a market leading solution to complement our portfolio, drive the cloud transition within the enterprise and accelerate our enterprise growth.”
“Mist Systems has developed a unique blend of wireless, AI and cloud expertise that has enabled us to stand out from the competition and bring much needed innovation to the wireless space,” said Sujai Hajela, CEO of Mist Systems. “By combining these proficiencies with Juniper’s expansive channel reach, world-class support and best-in-class networking and security products, we believe we will be well poised to change the IT landscape by ushering in a new generation of AI-driven products.”
“The joint Mist and Juniper solution delivers excellent visibility into the entire wired/wireless stack and uniquely leverages AI for proactive automation, making it a perfect fit for our campus environment,” said Mitch Davis, Vice President and CIO at Dartmouth College. “I am excited to see these two best-of-breed solutions tightly aligned and I look forward to seeing even more integration and innovation going forward, as it is key to our mission of delivering world-class IT experiences to our students, faculty, staff and guests.”
Please join both Rami Rahim, CEO of Juniper Networks, and Sujai Hajela, CEO of Mist Systems, on March 4, 2019 at 10:30am (PST) for a conference call where they will discuss how the combination of Mist Systems and Juniper Networks will lead the emergence of the Software-Defined Enterprise leveraging AI for IT. The webcast replay of the event will be archived on the Juniper Networks’ Investor Relations website.
Monday, March 4, 2019 10:30am (PST) Participant: 877-407-8033 | 201-689-8033 Replay: 877-481-4010 | PIN : 44860
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About Juniper Networks
Juniper Networks simplifies the complexities of networking with products, solutions and services in the cloud era to transform the way we connect, work and live. We remove the traditional constraints of networking to enable our customers and partners to deliver automated, scalable and secure networks that connect the world. Additional information can be found at Juniper Networks (www.juniper.net) or connect with Juniper on Twitter, LinkedIn and Facebook.
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This press release contains forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, could be deemed forward-looking statements. Statements in this press release concerning Juniper Networks' business, strategy and focus; our agreement to acquire Mist Systems; the timing of when the acquisition is expected to be completed; the expected financial impact of the acquisition; the expected growth rate of the markets in which we compete; the results and improvements made possible by Mist’s technology, including as integrated with Juniper Networks’ solutions; and our overall future prospects are forward-looking statements that involve a number of uncertainties and risks. Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of several factors, including, without limitation, our ability to close the contemplated acquisition in a timely basis or at all, our ability to integrate the acquired company and its technology, potential benefits of the transaction to Juniper Networks and our customers, the effectiveness of Mist’s technology, and other factors listed in our most recent report on Form 10-K filed with the Securities and Exchange Commission. All statements made in this press release are made only as of the date of this press release. Juniper Networks undertakes no obligation to update the information in this press release in the event facts or circumstances subsequently change after the date of this press release.
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