Ruckus Wireless reported Q1 revenues $100.6 million, an increase of 22.5% from the first quarter of 2015. Non-GAAP net income was $12.2 million for the first quarter of 2016, compared with non-GAAP net income of $6.5 million for the first quarter of 2015. Non-GAAP operating income was $12.4 million for the first quarter of 2016, compared with non-GAAP operating income of $6.8 million for the first quarter of 2015. GAAP net loss was $0.9 million for the first quarter of 2016, compared with GAAP net loss of $0.6 million for the first quarter of 2015.
“Our first quarter results were strong, with revenue at the high end of our updated guidance. Combining the revenue strength with a continual focus on operational execution, non-GAAP operating margin and non-GAAP earnings exceeded our previously updated guidance,” said Selina Lo, president and chief executive officer, Ruckus Wireless. “I remain excited about our pending acquisition by Brocade, which will enable us to jointly deliver innovative, value-added solutions to our enterprise and service provider customers.”
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Brocade to Acquire Ruckus Wireless for $1.5 Billion
Brocade agreed to acquire Ruckus Wireless in a deal valued at approximately $1.5 billion, consisting of $6.45 in cash and 0.75 shares of Brocade common stock for each share of Ruckus common stock.
Ruckus’ wireless products add to Brocade’s enterprise portfolio and will also significantly strengthen Brocade’s strategic presence in the broader service provider space. Ruckus has over $370 million in annual revenue and over 1,000 employees worldwide. Ruckus Wireless’ current CEO, Selina Lo, will continue to lead this division, reporting to Brocade CEO, Lloyd Carney. Ruckus is based in Sunnyvale, California, not far from the Brocade headquarters.
“This strategic combination will position us to expand our addressable market and technology leadership with Ruckus’ fast-growing wireless LAN products, and supports our vision to deliver market-leading New IP solutions that enable the network to become a platform for innovation,” said Lloyd Carney.
