Business
Ribbon Communications and Metaswitch Reach Agreement Resolving Lawsuits
WESTFORD, Mass., April 25, 2019 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global software leader in secure and intelligent cloud
About this update from Ribbon Communications Inc.
[{"type":"text","content":" WESTFORD, Mass., April 25, 2019 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a global software leader in secure and intelligent cloud communications, today announced that Ribbon, Metaswitch Networks Corporation and Metaswitch Networks Ltd. have agreed to a mediation agreement that resolves the six previously disclosed lawsuits between Ribbon and Metaswitch. Ribbon and Metaswitch will be memorializing the mediation agreement in final settlement documents. \n\n \nPursuant to the terms of the mediation agreement, Metaswitch has agreed to pay Ribbon an aggregate amount of $63 million, which includes cash payments of $37.5 million during the second quarter of 2019 and $25.5 million payable in three installments annually, beginning in 2020, and such installment payments by Metaswitch will accrue interest at a rate of four percent per year. Ribbon and Metaswitch have also agreed to global cross-license all of their respective patents. \nFor historical information on the Lawsuits, see the disclosure under the heading \"Legal Proceedings\" in Ribbon's Annual Report on Form 10-K/A for the year ended December 31, 2018. \nAbout Ribbon Communications Ribbon Communications (Nasdaq: RBBN) delivers market-leading software solutions that secure and power many of the world's leading service provider and enterprise communications environments. Built on world-class technology and intellectual property, the company's cloud-native solutions deliver intelligent and secure real-time communications solutions for the cloud, network and enterprise edge. Ribbon's Kandy Cloud real-time communications software platform delivers advanced and embedded CPaaS and UCaaS capabilities enabling service providers to rapidly create and deploy high-value communications services. To learn more, visit ribboncommunications.com.\nImportant Information about Forward-Looking StatementsThis press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements regarding entry into final settlement documents and anticipated payments by Metaswitch, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. All statements contained i...