Sandvine: New ownership, capital infusion
September 20, 2024
Sandvine, a provider of OTT Application Classification and Quality of Experience (QoE) solutions, has been acquired by a group of US investment firms that previously were, and continue to be, lenders to the company. In connection with this change of control transaction, the lenders have agreed to reduce the company’s total outstanding debt significantly.
Following the change of control transaction, on September 13th these investors also entered into a binding agreement to provide new capital to Sandvine. The financing is expected to close by the end of September and will strengthen the company’s balance sheet.
Sandvine recently announced reorientation of its business model to focus on serving customers in large democratic markets.
“While we are continuing to work with our financial stakeholders to properly capitalise the company’s balance sheet, [this] announcements describe important steps in the continuing evolution of Sandvine, reinforcing a strong financial and operational foundation for us to provide our customers and partners with differentiated, innovative technology solutions that empower them to enhance their customers’ experiences when using their apps and services,” said Carney Hawks, chairman of the Board of Sandvine. “We are excited to partner with our new owners and benefit from their resources and expertise as we work together to drive further transformation across Sandvine from a financial, strategic, and operational point of view for the benefit of all of our stakeholders.”