This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Mitel Sells DataNet CommSource Business Unit To EarthBend

OTTAWA and SIOUX FALLS, S.D., March 1, 2013 (GLOBE NEWSWIRE) -- Mitel® (Nasdaq:MITL) (TSX:MNW), a leading provider of cloud and premises-based unified communications software solutions, today announced it has completed the sale of its DataNet CommSource business unit ("DataNet") in Sioux Falls to EarthBend, a provider of telephony and IT solutions with headquarters in the U.S. Midwest.

Effective immediately, all DataNet CommSource employees have transitioned to EarthBend, positioning them to provide seamless continuity of service to existing DataNet CommSource customers and channel partners.

"I am excited to be joining an experienced team of more than 40 dedicated employees, led by General Manager Ryan Donovan, who will continue serving customers in the Midwest market and across Mitel's extensive channel," said Rob Beyer, president and CEO of EarthBend. "We will continue to provide voice, data and infrastructure solutions and services to our customers and invest in key technical expertise to support our customers' needs."

The divestiture of DataNet CommSource is part of Mitel's ongoing strategy to simplify and focus the company's core business. With Mitel's shift to an indirect go-to-market model, the business need and rationale to maintain a direct value added distribution unit and value added reseller business has diminished.

"Employees and partners are cornerstones of Mitel's business and corporate values," said Richard McBee, president and CEO of Mitel. "With EarthBend, I am delighted that we identified a buyer that recognizes the skills and talent inherent in DataNet CommSource employees, and also the growth opportunity associated with ongoing support of Mitel's channel business in the U.S."

As previously announced in March 2012, Mitel has been exploring the sale of DataNet and therefore Mitel's financial results have presented DataNet's operations as discontinued operations since that time. For more information about the financial results of DataNet, please see Mitel's 10-Q filed with the Securities & Exchange Commission for the quarter ended January 31, 2013. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,201.37 -13.05 -0.07%
S&P 500 2,111.06 +0.32 0.02%
NASDAQ 4,985.0550 -2.8350 -0.06%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs