Brocade completes acquisition Foundry Networks

New Delhi: Brocade announced that it has completed its acquisition of Foundry Networks for $16.50 per share in cash. The addition of Foundry's products and technologies enables Brocade to better address the needs of its customers and strengthens the company's position as a proven, high-performance networking leader.

"The close of the Foundry acquisition will significantly enhance our ability to deliver on our mission of connecting the world's most important information," said Mike Klayko, CEO, Brocade. "Brocade will now be able to offer a comprehensive IP and data center networking solution portfolio capable of addressing emerging market technology trends while meeting the needs of the world's most demanding, data-intensive organizations,” he added.

Foundry was founded in 1996 and has approximately 1,100 employees with operations in all major geographies. Foundry employees and the company's products and technologies will be integrated throughout Brocade according to function.

Brocade has also inducted Marc Randall as its senior vice president of products and offerings, and appointed Dave Stevens as CTO. Randall most recently served as CEO of Force10 Networks and previously spent seven years at Cisco, where he led the development of the Cisco 7500 Series router.

Stevens previously served as founder and CEO of security start-up Palo Alto Networks. The move marks his return to Brocade.