Corning acquires SpiderCloud to expand wireless network capabilities
Corning has announced the acquisition of SpiderCloud Wireless, a leading provider of in-building wireless solutions.
SpiderCloud will come under the Corning Optical Communications segment, where its expertise in developing scalable small-cell network platforms will be used to its full potential for delivering unprecedented coverage and capacity for wireless services and optimising network efficiency and improving user experience. This acquisition is set to open unique market access opportunities for Corning that aims to increase its annual sales from $3 billion in 2016 to $5 billion in 2020 through innovation and acquisitions.
Clark S. Kinlin, executive vice president, Corning Optical Communications, said: “Wireless connectivity has become more a necessity than an amenity, and mobile operators and enterprise customers are seeking cost-effective solutions to enhance service for their users inside buildings.
“With the acquisition of SpiderCloud Wireless, we believe our combined product solutions will help drive optical convergence and enable the advantages of fiber-deep architectures within the Enterprise Local Area Network.”
SpiderCloud Wireless CEO Mike Gallagher said: “Together we will continue to focus on expanding SpiderCloud’s customer relationships and augmenting our pioneering portfolio by leveraging the combined strength of two world-class product development teams.”
Analysis by Zacks argued the addition of SpiderCloud to the company's portfolio will help Corning to rapidly penetrate the wireless network equipment market. Zacks foresees significant growth for the company with strategic acquisitions such as SpiderCloud, Gerresheimer's Pharmaceutical Glass Tubing Business, Alliance Fiber Optic Products and STRAN Technologies. Corning’s stock returned 32.2% over the same time frame that the index gained 12.1%.
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