Lumine Group Enters into an Agreement to Acquire Casa Systems’ Axyom Cloud Native 5G Core Software & RAN Assets

TORONTO, April 03, 2024 (GLOBE NEWSWIRE) -- Lumine Group Inc. (“Lumine Group” or “the Company”) (TSXV: LMN), a global buy-and-hold forever acquirer of communications and media software businesses, today announced that it has entered into an asset purchase agreement to acquire the Axyom Cloud Native 5G Core Software & RAN Assets (“Assets”) from Casa Systems (Nasdaq: CASA). Casa Systems intends to facilitate the sale of its businesses, including the Assets, through a Chapter 11 process. This will mark Lumine Group’s 14th corporate carve-out that it has completed and set up in the communications and media space.

The Assets provide cloud native 5G network functions (CNFs) in the core and access networks. Solutions include Access & Mobility Management, Session Management, User Plane, Network Repository, and Network Slicing Functions, amongst others. Additionally, these solutions include 4G/5G Security Gateway and 4G/5G and Access Femto Small Cell Devices.

Founded in 2003 in Andover, Massachusetts, today, Casa Systems solutions can be found in 70+ countries and 475+ customers across the globe, counting Verizon as its largest Wireless 5G software and Femto customer.

“Casa Systems’ Axyom Cloud Native 5G Core Software & RAN product suite and teams will be a welcomed addition to our signalling and security software portfolio within Lumine Group,” said Tony Garcia, Group President at Lumine Group. “In line with Lumine Group’s approach to operating companies autonomously, this business unit will be launched under its own brand identity and expanded heritage product name, to clearly distinguish its product offerings and serve the global 5G cloud native core and access markets. We look forward to the opportunities for learning and growth that lie ahead.”

Michael Glickman, Chief Executive Officer of Casa Systems, said, “Lumine Group brings deep expertise in the communications sector and a proven track record of facilitating corporate carve-outs, well positioning them to support the future goals of the 5G Core Cloud Native Software & RAN Assets. We believe the sale of these assets through this process will enable Casa Systems to minimize disruption for employees and customers, who we will continue to support while we undertake this process.”