Stratus Technologies, the leading provider of availability solutions 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.