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{{Infobox company |
{{Infobox company |
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| name = Mitel Networks Corporation |
| name = Mitel Networks Corporation |
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| logo = Mitel |
| logo = Mitel logo.svg |
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| logo_size = 250px |
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| key_people = Tarun Loomba ([[President (corporate title)|president]] and [[Chief Executive Officer|CEO]])<br /> |
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Jamshid Rezaei ([[Chief Information Officer|CIO]]) <br /> |
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Venkat Nagaswamy ([[Chief Marketing Officer|CMO]]) <br /> |
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Greg Hiscock ([[Chief Legal Officer|CLO]]) <br /> |
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Janine Yetter ([[Chief financial officer|CFO]]) |
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Jamshid Rezaei, <small>[[Chief Information Officer|CIO]]</small> <br /> |
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David Silke, <small>[[Chief Marketing Officer|CMO]]</small> <br /> |
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Billie Hartless, <small>CHRO</small> <br /> |
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Graham Bevington, <small>EVP Transformation Office</small> <br /> |
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John Buszka, <small>EVP Customer Experience</small> <br /> |
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Greg Hiscock, <small>EVP Legal and General Counsel</small> <br /> |
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| industry = [[Telecommunications]] |
| industry = [[Telecommunications]] |
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| products = See [https://www.mitel.com/products here] |
| products = See [https://www.mitel.com/products here] |
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| revenue = |
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| revenue = [[US dollar|US$]]1.3 billion (2018)<ref name="www.mitel.com/about/why-mitel">{{Cite web|url=https://www.mitel.com/about/why-mitel|title=Why Mitel|website=www.mitel.com}}</ref> |
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| owner = [[Searchlight Capital|Searchlight Capital Partners]] |
| owner = [[Searchlight Capital|Searchlight Capital Partners]] |
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| num_employees = |
| num_employees = 2,400 |
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| foundation = |
| foundation = {{start date and age|1973}} |
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| location_city = Ottawa, Ontario |
| location_city = Ottawa, Ontario |
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| location_country = Canada |
| location_country = Canada |
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'''Mitel Networks Corporation''' is a Canadian [[telecommunications]] company. The company previously produced TDM [[Private branch exchange|PBX]] systems and applications, but after a change in ownership in 2001, now focuses almost entirely on [[Voice-over-IP]] (VoIP) products. Mitel is headquartered in [[Ottawa|Ottawa, Ontario]], Canada, with offices, partners and resellers worldwide. |
'''Mitel Networks Corporation''' is a Canadian [[telecommunications]] company. The company previously produced [[Time-division multiplexing|TDM]] [[Private branch exchange|PBX]] systems and applications, but after a change in ownership in 2001, now focuses almost entirely on [[Voice-over-IP]] (VoIP), [[unified communications]], collaboration and contact center products.<ref>{{Cite web |title=Mitel Review 2023: Features, Pricing & More – Forbes Advisor |url=https://www.forbes.com/advisor/business/mitel-review/ |access-date=2023-08-11 |website=www.forbes.com}}</ref> Mitel is headquartered in [[Ottawa|Ottawa, Ontario]], Canada, with offices, partners and resellers worldwide.<ref>{{Cite web |last1=Nagro |first1=Anne |last2=Elliott |first2=Jessica |date=1 April 2023 |title=What is Mitel? |url=https://www.usnews.com/360-reviews/business/business-phone-systems/mitel }}</ref><ref>{{Cite web |title=Mitel Business Phone System Overview and Prices |url=https://www.usnews.com/360-reviews/business/business-phone-systems/mitel |access-date=25 August 2023}}</ref> |
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In April 2018, the company announced it |
In April 2018, the company announced it had been bought by an investor group led by [[Searchlight Capital|Searchlight Capital Partners]].<ref>{{Cite news|url=https://www.reuters.com/article/us-mitel-networks-m-a-searchlight/canadas-mitel-to-be-bought-by-investor-group-in-2-billion-deal-idUSKBN1HV1BS|title=Canada's Mitel to be bought by investor group in $2 billion deal|work=Reuters|access-date=April 24, 2018|language=en-US}}</ref> |
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==History== |
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==Corporate history== |
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===Founding=== |
===Founding=== |
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{{more citations needed section|date=December 2018}} |
{{more citations needed section|date=December 2018}} |
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[[File:Mitel Annual report cover by Hans Blohm.jpg|thumb|upright=0.7|Cover of the 1981 Mitel annual report]] |
[[File:Mitel Annual report cover by Hans Blohm.jpg|thumb|upright=0.7|Cover of the 1981 Mitel annual report]] |
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[[Michael Cowpland]] and [[Terry Matthews]] founded Mitel in 1973 (officially on June 8, 1973). Conventionally, its name is regarded as a combination of the founders’ first names and their first product |
[[Michael Cowpland]] and [[Terry Matthews]] founded Mitel in 1973<ref>{{Cite web |title=History of Mitel Corporation – FundingUniverse |url=http://www.fundinguniverse.com/company-histories/mitel-corporation-history/ |access-date=2022-06-28 |website=www.fundinguniverse.com}}</ref><ref>{{Cite web |last=Scott |first=Rob |date=2016-12-21 |title=Mitel Unified Communications - The Telecoms Powerhouse |url=https://www.uctoday.com/unified-communications/about-mitel/ |access-date=2023-07-19 |website=UC Today |language=en-GB}}</ref> (officially on June 8, 1973). Conventionally, its name is regarded as a combination of the founders’ first names and their first product, ''Mike and Terry Lawnmowers.''<ref name=Profit>{{cite web|url=http://www.profitguide.com/article/4685--sir-terry-matthews|title=Sir Terry Matthews|publisher=[[Profit (magazine)|Profit]]|date=June 2, 2010|accessdate=April 10, 2018|archive-date=May 17, 2012|archive-url=https://web.archive.org/web/20120517012201/http://www.profitguide.com/article/4685--sir-terry-matthews|url-status=dead}}</ref><ref>{{Cite web |title=History of Mitel Corporation – FundingUniverse |url=http://www.fundinguniverse.com/company-histories/mitel-corporation-history/ |access-date=2023-09-27 |website=www.fundinguniverse.com}}</ref> [[Michael Cowpland]] stated that the name stands for ''Mike and Terry Lawnmowers'', whereas [[Terry Matthews]] confirmed the lawnmower acronym during an interview on BBC Radio 4's ''The Bottom Line'' in May 2011.{{Citation needed|date=September 2023}} |
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Cowpland and Matthews formed the corporation with the blessing of their employer, [[Bell Northern Research]], in order to protect their [[intellectual property]] rights of the converter design from their employer, who otherwise would have legal ownership rights.{{Citation needed|date=September 2023}} |
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Their first shipment of three lawnmowers was lost in shipping, so they quickly adjusted to produce a telephony tone receiver product (a tone-to-pulse converter for [[Telephone exchange|central office]] use based on Cowpland's Ph.D. thesis). [[Michael Cowpland]] has also stated that the lawnmowers were not suited to Canadian lawns.{{Citation needed|date=September 2023}} |
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⚫ | Following the success of the tone receiver, the founders extended their interest in the telecommunications industry. Early on, the pair realized the significance of the then-new microprocessor and software technology<ref name= WC>{{cite web |url=http://www.wesleyclover.com/about-us/history/ |title=About Us – Overview – History |publisher=[[Wesley Clover]] |archive-url=https://web.archive.org/web/20180408210435/https://www.wesleyclover.com/about-us/history/ |archive-date=April 8, 2018 |url-status=dead }}</ref> to the design of telecom switches. In 1975, they introduced the SX200 PBX.<ref name=WC /> The company grew at a rate of over 100% per year for several years. They reached the $100 million annual revenue mark by 1981.<ref>Mitel Annual Report 1982</ref> |
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⚫ | Following the success of the tone receiver, the founders extended their interest in the telecommunications industry. Early on, the pair realized the significance of the then-new microprocessor and software technology<ref name= WC>{{cite web |url=http://www.wesleyclover.com/about-us/history/ |title=About Us – Overview – History |publisher=[[Wesley Clover]] |archive-url=https://web.archive.org/web/20180408210435/https://www.wesleyclover.com/about-us/history/ |archive-date=April 8, 2018 |url-status=dead }}</ref> to the design of telecom switches. In 1975, they introduced the SX200 PBX.<ref name=WC /> In 1976, the company expanded into the [[semiconductor]] field with the acquisition of Siltex, a bankrupt ISO-[[CMOS]] foundry in [[Bromont, Quebec]]. This evolved into a semiconductor division that specialized in mixed signal and [[thick film]] hybrid devices.{{Citation needed|date=September 2023}} The company grew at a rate of over 100% per year for several years. They reached the $100 million annual revenue mark by 1981.<ref>Mitel Annual Report 1982</ref> |
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[[Image:Hans Blohm Mitel lobby.jpg|thumb|left|The lobby area of the Mitel office in the early 1980s]] |
[[Image:Hans Blohm Mitel lobby.jpg|thumb|left|The lobby area of the Mitel office in the early 1980s]] |
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⚫ | The next major product was a large digital PBX called the SX2000. This was an early attempt to integrate the voice and data functions of office systems. It was conceived as moving beyond the PBX to become an [[Office Controller]], which would handle both voice and data applications within an organization.{{Citation needed|date=September 2023}} |
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In 1976, the company expanded into the [[semiconductor]] field with the acquisition of Siltex, a bankrupt ISO-[[CMOS]] foundry in [[Bromont, Quebec]]. This evolved into a semiconductor division that specialized in mixed signal and [[thick film]] hybrid devices. |
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⚫ | In 1985, due to a financial crisis in the company, the board of directors created enough new shares to sell a [[controlling interest]] (51%) to [[BT Group|British Telecom]]. British Telecom left the equipment business a few years later and sold its controlling interest in Mitel to an investment company called [[Schroder Ventures]]. Schroeder Ventures installed new management, which revitalized the company.{{Citation needed|date=September 2023}} |
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⚫ | The next major product was a large digital PBX called the SX2000. This was an early attempt to integrate the voice and data functions of office systems. It was conceived as moving beyond the PBX to become an [[Office Controller]], which would handle both voice and data applications within an organization. |
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⚫ | In the meantime, Mitel continued to diversify its product line, introducing the successful [[Mitel_Superset|SUPERSET]] line of phone terminals, the GX5000 Central Office, and the SMART-1 call controller, among others. Additionally, Mitel developed and marketed a line of telecom-focussed semiconductor products.{{Citation needed|date=September 2023}} |
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⚫ | In 1985, due to a financial crisis in the company, the board of directors created enough new shares to sell a [[controlling interest]] (51%) to [[BT Group|British Telecom]]. British Telecom left the equipment business a few years later and sold its controlling interest in Mitel to an investment company called [[Schroder Ventures]]. Schroeder Ventures installed new management, which revitalized the company. |
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===2000 - 2010=== |
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⚫ | In the meantime, Mitel continued to diversify its product line, introducing the successful [[Mitel_Superset|SUPERSET]] line of phone terminals, the GX5000 Central Office, and the SMART-1 call controller, among others. Additionally, Mitel developed and marketed a line of telecom-focussed semiconductor products. |
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⚫ | In 2001, Terry Matthews paid US$230 million to acquire the communications network division of Mitel, along with the ''Mitel'' trademark.<ref>{{cite news|first1=Debra|last1=Lau|accessdate=July 4, 2018|title=Forbes Face: Terry Matthews|url=https://www.forbes.com/2001/05/16/0516matthews|newspaper=Forbes}}</ref><ref>{{cite web|accessdate=July 4, 2018|title=Mitel Networks Corp (MITL.O) People |url=https://www.reuters.com/finance/stocks/company-officers/MITL.O|archive-url=https://web.archive.org/web/20180704093048/https://www.reuters.com/finance/stocks/company-officers/MITL.O|url-status=dead|archive-date=July 4, 2018|website=[[Reuters]]}}</ref> It began a new chapter, under the name '''Mitel Networks''', by developing a family of PBXs based on Internet standards for Voice over IP ([[VoIP]]).{{Citation needed|date=September 2023}} |
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===Splits=== |
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⚫ | In 2001, Matthews paid US$230 million to acquire the communications network division of Mitel, along with the ''Mitel'' trademark.<ref>{{cite news|first1=Debra|last1=Lau|accessdate=July 4, 2018|title=Forbes Face: Terry Matthews|url=https://www.forbes.com/2001/05/16/0516matthews|newspaper=Forbes}}</ref><ref>{{cite web|accessdate=July 4, 2018|title=Mitel Networks Corp (MITL.O) People |url=https://www.reuters.com/finance/stocks/company-officers/MITL.O|website=[[Reuters]]}}</ref> It began a new chapter, under the name '''Mitel Networks''', by developing a family of PBXs based on Internet standards for Voice over IP ([[VoIP]]). |
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The original company retained the semiconductor division. It was renamed [[Zarlink]] (''Tsar of Links'') Semiconductor to reflect its interest in networking. |
The original company retained the semiconductor division. It was renamed [[Zarlink]] (''Tsar of Links'') Semiconductor to reflect its interest in networking.{{Citation needed|date=September 2023}} |
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Mitel Knowledge Corporation, also controlled by Matthews, was incorporated in 2001.<ref>{{cite web|accessdate=July 4, 2018|title=MITEL KNOWLEDGE CORPORATION|url=https://www.canadacompanysearch.com/MITEL-KNOWLEDGE-CORPORATION-3854736/|website=Canada Corporation Directory}}</ref> Numerous patents were transferred to the company.<ref>{{cite web|accessdate=July 4, 2018|title=Patents Assigned to Mitel Knowledge Corporation – Justia Patents Search|url=https://patents.justia.com/assignee/mitel-knowledge-corporation|website=patents.justia.com}}</ref> It later evolved into [[MKC Networks]], which made a family of SIP-based IP PBX systems. |
Mitel Knowledge Corporation, also controlled by Matthews, was incorporated in 2001.<ref>{{cite web|accessdate=July 4, 2018|title=MITEL KNOWLEDGE CORPORATION|url=https://www.canadacompanysearch.com/MITEL-KNOWLEDGE-CORPORATION-3854736/|website=Canada Corporation Directory}}</ref> Numerous patents were transferred to the company.<ref>{{cite web|accessdate=July 4, 2018|title=Patents Assigned to Mitel Knowledge Corporation – Justia Patents Search|url=https://patents.justia.com/assignee/mitel-knowledge-corporation|website=patents.justia.com}}</ref> It later evolved into [[MKC Networks]], which made a family of SIP-based IP PBX systems.{{Citation needed|date=September 2023}} |
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An additional split took place in 2002, when the manufacturing arm was spun off out of Mitel Networks to become a contract manufacturer called [[BreconRidge]]. With these developments, the original Mitel Corporation was split into three companies: Zarlink (which though renamed is the original corporate entity), Mitel Networks, and [[BreconRidge]].<ref name="objarticle">{{Cite web|url=http://archive.ottawabusinessjournal.com/archive_detail.php?archiveFile=./pubfiles/obj/archive/2001/September/05/30438.xml&start=0&numPer=20&keyword=breconridge§ionSearch=&begindate=1%2F1%2F1999&enddate=12%2F31%2F2006&authorSearch=&IncludeStories=1&pubsection=&page=&IncludePages=1&IncludeImages=1&mode=allwords&archive_pubname=InBusiness+Media+Network%0A |title=Mitel spins off division into BreconRidge/ |accessdate=November 20, 2006 |publisher=Ottawa Business Journal |year=2001 |author=OBJ Staff |archive-url=https://web.archive.org/web/20070928061508/http://archive.ottawabusinessjournal.com/archive_detail.php?archiveFile=.%2Fpubfiles%2Fobj%2Farchive%2F2001%2FSeptember%2F05%2F30438.xml&start=0&numPer=20&keyword=breconridge§ionSearch=&begindate=1%2F1%2F1999&enddate=12%2F31%2F2006&authorSearch=&IncludeStories=1&pubsection=&page=&IncludePages=1&IncludeImages=1&mode=allwords&archive_pubname=InBusiness%2BMedia%2BNetwork%0A |archive-date=September 28, 2007 |url-status=dead }}</ref> |
An additional split took place in 2002, when the manufacturing arm was spun off out of Mitel Networks to become a contract manufacturer called [[BreconRidge]]. With these developments, the original Mitel Corporation was split into three companies: Zarlink (which though renamed is the original corporate entity), Mitel Networks, and [[BreconRidge]].<ref name="objarticle">{{Cite web|url=http://archive.ottawabusinessjournal.com/archive_detail.php?archiveFile=./pubfiles/obj/archive/2001/September/05/30438.xml&start=0&numPer=20&keyword=breconridge§ionSearch=&begindate=1%2F1%2F1999&enddate=12%2F31%2F2006&authorSearch=&IncludeStories=1&pubsection=&page=&IncludePages=1&IncludeImages=1&mode=allwords&archive_pubname=InBusiness+Media+Network%0A |title=Mitel spins off division into BreconRidge/ |accessdate=November 20, 2006 |publisher=Ottawa Business Journal |year=2001 |author=OBJ Staff |archive-url=https://web.archive.org/web/20070928061508/http://archive.ottawabusinessjournal.com/archive_detail.php?archiveFile=.%2Fpubfiles%2Fobj%2Farchive%2F2001%2FSeptember%2F05%2F30438.xml&start=0&numPer=20&keyword=breconridge§ionSearch=&begindate=1%2F1%2F1999&enddate=12%2F31%2F2006&authorSearch=&IncludeStories=1&pubsection=&page=&IncludePages=1&IncludeImages=1&mode=allwords&archive_pubname=InBusiness%2BMedia%2BNetwork%0A |archive-date=September 28, 2007 |url-status=dead }}</ref> |
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[[Image:Mitel Sun tradeshow display 2007.jpg|thumb|Mitel and Sun Microsystems equipment showcased at a 2007 trade show]] |
[[Image:Mitel Sun tradeshow display 2007.jpg|thumb|Mitel and Sun Microsystems equipment showcased at a 2007 trade show]] |
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On May 10, 2006, the new company announced its intention to launch an [[Initial public offering]] (IPO). No detailed information was released, but the press indicated that the company hoped to raise $150 million.<ref name="GAMarticle">{{Cite news|url=https://www.theglobeandmail.com/servlet/Page/document/v4/sub/MarketingPage?user_URL=https://www.theglobeandmail.com%2Fservlet%2Fstory%2FRTGAM.20060511.gtrticker11-10%2FBNStory%2FTechnology%2F&ord=1164031703567&brand=theglobeandmail&force_login=true |title=Mitel files for IPO, eyes expansion plan/ |accessdate=November 20, 2006 |publisher=The Globe and Mail |year=2006 |author=Catherine McLean |url-status=dead |archive-url=https://web.archive.org/web/20070930040715/http://www.theglobeandmail.com/servlet/Page/document/v4/sub/MarketingPage?user_URL=https%3A%2F%2Frp.liu233w.com%3A443%2Fhttp%2Fwww.theglobeandmail.com%2Fservlet%2Fstory%2FRTGAM.20060511.gtrticker11-10%2FBNStory%2FTechnology%2F&ord=1164031703567&brand=theglobeandmail&force_login=true |archive-date=September 30, 2007 }}</ref> |
On May 10, 2006, the new company announced its intention to launch an [[Initial public offering]] (IPO). No detailed information was released, but the press indicated that the company hoped to raise $150 million.<ref name="GAMarticle">{{Cite news|url=https://www.theglobeandmail.com/servlet/Page/document/v4/sub/MarketingPage?user_URL=https://www.theglobeandmail.com%2Fservlet%2Fstory%2FRTGAM.20060511.gtrticker11-10%2FBNStory%2FTechnology%2F&ord=1164031703567&brand=theglobeandmail&force_login=true |title=Mitel files for IPO, eyes expansion plan/ |accessdate=November 20, 2006 |publisher=The Globe and Mail |year=2006 |author=Catherine McLean |url-status=dead |archive-url=https://web.archive.org/web/20070930040715/http://www.theglobeandmail.com/servlet/Page/document/v4/sub/MarketingPage?user_URL=https%3A%2F%2Frp.liu233w.com%3A443%2Fhttp%2Fwww.theglobeandmail.com%2Fservlet%2Fstory%2FRTGAM.20060511.gtrticker11-10%2FBNStory%2FTechnology%2F&ord=1164031703567&brand=theglobeandmail&force_login=true |archive-date=September 30, 2007 }}</ref> |
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In April 2007, Mitel announced an agreement with Inter-Tel to purchase that company. This purchase would amount to a merger of equals, with the merged company being twice the size of the original Mitel. This acquisition was completed in August 2007. Management had announced that the companies will carry on under the name Mitel. As a result of the merger, Mitel withdrew from the IPO registration process.<ref>{{cite web|url=http://www.tmcnet.com/channels/ip-telephony/articles/6482-mitel-acquire-inter-tel.htm |title=Mitel To Acquire Inter-Tel |publisher=tmcnet.com |date=April 27, 2007 }}</ref> |
In April 2007, Mitel announced an agreement with Inter-Tel to purchase that company. This purchase would amount to a merger of equals, with the merged company being twice the size of the original Mitel. This acquisition was completed in August 2007. Management had announced that the companies will carry on under the name Mitel. As a result of the merger, Mitel withdrew from the IPO registration process.<ref>{{cite web|url=http://www.tmcnet.com/channels/ip-telephony/articles/6482-mitel-acquire-inter-tel.htm |title=Mitel To Acquire Inter-Tel |publisher=tmcnet.com |date=April 27, 2007 }}</ref> |
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"Mitel Knowledge" (now as [[MKC Networks]]) and Mitel Networks were and are ultimately controlled by [[Terry Matthews]]. |
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On April 22, 2010, Mitel became a [[public company]],<ref>{{cite web|url=https://www.theglobeandmail.com/globe-investor/investment-ideas/mitel-makes-second-try-at-ipo/article4317181/ |title=Mitel makes second try at IPO |publisher=[[The Globe and Mail]] |date=April 22, 2010 }}</ref> listed on [[Nasdaq]] with the symbol MITL, and its initial offering stood at $14 per share.<ref>{{cite web |url=http://www.ucstrategies.com/unified-communications-newsroom/mitel-becomes-a-public-company-again.aspx |title=Mitel Becomes a Public Company – Again |publisher=UCStrategies.com |date=April 22, 2010 |archive-url=https://web.archive.org/web/20100818171742/http://www.ucstrategies.com/unified-communications-newsroom/mitel-becomes-a-public-company-again.aspx |archive-date=August 18, 2010 |url-status=dead }}</ref> Within a year, the stock price had dropped to $5.50<ref>{{cite news |title=J.P. Morgan Lowering Price Target On Mitel Networks |author=Johnathan Chen |date=July 1, 2011 |work=Benzinga |url=http://www.benzinga.com/analyst-ratings/analyst-color/11/07/1219703/update-j-p-morgan-lowering-price-target-on-mitel-network |accessdate=February 21, 2012}}</ref> and was described by CNBC's [[Jim Cramer]] as one of the worst IPOs of the year.<ref name=Cramer>{{cite news |title=A How-To Guide for a Successful GM IPO |author=Jim Cramer |date=June 23, 2010 |work=[[CNBC]] |url=https://www.cnbc.com/id/37873833 |accessdate=February 21, 2012}}</ref> Cramer blamed excessively optimistic pricing, excessive debt and the fear that company insiders would sell, dropping the stock value.<ref name=Cramer/> |
On April 22, 2010, Mitel became a [[public company]],<ref>{{cite web|url=https://www.theglobeandmail.com/globe-investor/investment-ideas/mitel-makes-second-try-at-ipo/article4317181/ |title=Mitel makes second try at IPO |publisher=[[The Globe and Mail]] |date=April 22, 2010 }}</ref> listed on [[Nasdaq]] with the symbol MITL, and its initial offering stood at $14 per share.<ref>{{cite web |url=http://www.ucstrategies.com/unified-communications-newsroom/mitel-becomes-a-public-company-again.aspx |title=Mitel Becomes a Public Company – Again |publisher=UCStrategies.com |date=April 22, 2010 |archive-url=https://web.archive.org/web/20100818171742/http://www.ucstrategies.com/unified-communications-newsroom/mitel-becomes-a-public-company-again.aspx |archive-date=August 18, 2010 |url-status=dead }}</ref> Within a year, the stock price had dropped to $5.50<ref>{{cite news |title=J.P. Morgan Lowering Price Target On Mitel Networks |author=Johnathan Chen |date=July 1, 2011 |work=Benzinga |url=http://www.benzinga.com/analyst-ratings/analyst-color/11/07/1219703/update-j-p-morgan-lowering-price-target-on-mitel-network |accessdate=February 21, 2012}}</ref> and was described by CNBC's [[Jim Cramer]] as one of the worst IPOs of the year.<ref name=Cramer>{{cite news |title=A How-To Guide for a Successful GM IPO |author=Jim Cramer |date=June 23, 2010 |work=[[CNBC]] |url=https://www.cnbc.com/id/37873833 |accessdate=February 21, 2012}}</ref> Cramer blamed excessively optimistic pricing, excessive debt and the fear that company insiders would sell, dropping the stock value.<ref name=Cramer/> |
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During the company's Q1 conference call, Don Smith (CEO) announced his retirement from the company once the board of directors |
During the company's Q1 conference call, Don Smith (CEO) announced his retirement from the company once the board of directors was able to find a suitable replacement. Smith said he would remain on the board after retirement.<ref>{{cite web|url=http://www.itworldcanada.com/article/mitel-ceo-don-smith-to-leave-post/42236 |title=Mitel CEO Don Smith to leave post |date=September 3, 2010 |accessdate=July 21, 2015}}</ref> |
||
=== |
===2011 - 2020=== |
||
⚫ | In June 2013, Mitel announced the completion of acquisition of one of its key suppliers, prairieFyre Software Inc., a privately held global provider of contact center, business analytics, and workforce optimization software and services. The net cash cost to Mitel for the acquisition of prairieFyre |
||
In 2011, Mitel launched litigation against at least two Australian businesses for infringing on Mitel's trademark and the businesses for engaging in misleading or deceptive conduct under Australian [[consumer law]].<ref>{{cite web|url=https://www.zdnet.com/home-and-office/networking/mitel-targets-iphone-repairer-trademark/ |title=Mitel targets iPhone repairer trademark|publisher=[[ZDNet]] |date=December 2, 2011 }}</ref> The first case against Melbourne telecommunications company MyTel was resolved.<ref>{{cite news |last1=Crozier |first1=Ry |title=Mitel, MyTel in settlement talks |url=https://www.itnews.com.au/news/mitel-mytel-in-settlement-talks-246845 |access-date=24 November 2023 |work=itnews Australia |date=2 Feb 2011}}</ref> |
|||
⚫ | In November 2013, Mitel announced the purchase of [[Aastra Technologies]].<ref>{{cite press release |title |
||
⚫ | On March 1, 2013, Mitel announced it had completed the sale of its DataNet CommSource business unit ("DataNet") in Sioux Falls to EarthBend, LLC.<ref>{{Cite press release |date=March 1, 2013 |title=Mitel Sells DataNet CommSource Business Unit to EarthBend |url=https://globenewswire.com/news-release/2013/03/01/527568/10023698/en/Mitel-Sells-DataNet-CommSource-Business-Unit-to-EarthBend.html |access-date=January 6, 2017 |website=globenewswire.com |publisher=Nasdaq GlobeNewswire}}</ref> In December 2016 the company announced that it had sold its mobility unit for $385 million to [[Xura]] and that would focus its business on [[Unified Communications]].<ref>{{Cite web |last=Lunden |first=Ingrid |date=December 19, 2016 |title=Xura buys Mitel Mobility for $385M and Ranzure to double down on 5G |url=https://techcrunch.com/2016/12/19/xura-buys-mitel-mobility-for-385m-and-ranzure-to-double-down-on-5g/ |access-date=January 6, 2017 |website=techcrunch.com |publisher=TechCrunch}}</ref> |
||
⚫ | |||
⚫ | In June 2013, Mitel announced the completion of acquisition of one of its key suppliers, prairieFyre Software Inc., a privately held global provider of contact center, business analytics, and workforce optimization software and services. The net cash cost to Mitel for the acquisition of prairieFyre was approximately $20 million. prairieFyre was an original equipment manufacturer (OEM) that supplied Mitel with its existing contact center solution.{{buzzword inline|date=May 2020}}<ref>{{cite press release |title=Mitel Acquires Contact Center Supplier prairiefyre |date=June 17, 2013 |url=http://investor.mitel.com/releasedetail.cfm?ReleaseID=771882 |accessdate=June 17, 2013}}</ref> |
||
⚫ | In March 2015, Mitel announced to buy [[Mavenir Systems]] for $560 million.<ref>{{cite press release |title |
||
⚫ | In November 2013, Mitel announced the purchase of [[Aastra Technologies]].<ref>{{cite press release |title=Mitel Networks buys Aastra Technologies in friendly takeover deal to create bigger high-tech player |date=November 11, 2013 |url=http://business.financialpost.com/2013/11/11/mitel-networks-aastra-technologies/?__lsa=4d37-4e38 |accessdate=November 11, 2013}}</ref> |
||
⚫ | In April 2016, Mitel announced its intention to buy [[Polycom]] for $1.96 billion.<ref>{{Cite web|url=http://www.mitel.com/newsroom/news-releases/mitel-announces-definitive-agreement-acquire-polycom |
||
⚫ | |||
⚫ | In July 2017, Mitel announced they had reached a deal to buy [[ShoreTel]] for $530 million, increasing the size of the company to approximately 4,200 employees.<ref>{{Cite web|url= |
||
⚫ | In March 2015, Mitel announced to buy [[Mavenir Systems]] for $560 million.<ref>{{cite press release |title=Canada's Mitel Networks to buy Mavenir Systems for $560 mln |date=March 2, 2015 |url=https://www.reuters.com/article/mavenir-systems-ma-mitel-networks-idUSL4N0W43ZO20150302 |accessdate=March 2, 2015}}</ref> |
||
=== Divestiture === |
|||
⚫ | On March 1, 2013, Mitel announced it |
||
⚫ | In April 2016, Mitel announced its intention to buy [[Polycom]] for $1.96 billion.<ref>{{Cite web |title=Mitel announces definitive agreement to acquire Polycom |url=http://www.mitel.com/newsroom/news-releases/mitel-announces-definitive-agreement-acquire-polycom |access-date=April 15, 2016 |website=mitel.com}}</ref> The deal was intended to give existing Polycom shareholders both cash and new Mitel shares for their holdings and result in Polycom shareholders owning 60% of the combined company. The acquisition was ended in favour of a merger with Siris Capital instead,<ref>{{Cite web |title=Polycom Agrees to End Mitel Merger Agreement and Approves New Merger Agreement With Siris Capital |url=http://www.polycom.com/company/news/press-releases/2016/20160708.html |access-date=November 17, 2016 |website=polycom.com}}</ref> forcing [[Polycom]] to pay a US$60 million fee to Mitel for cancelling the deal.<ref>{{Cite web |title=Mitel's Breakup With Polycom Has Major Silver Lining |date=July 8, 2016 |url=https://www.thestreet.com/story/13633592/1/mitel-s-break-up-with-polycom-has-major-silver-lining.html |access-date=July 8, 2016}}</ref> |
||
=== Going private === |
|||
⚫ | On November 30, 2018, Mitel announced that all the shares of Mitel were acquired by affiliates of funds advised by Searchlight Capital Partners. |
||
⚫ | In July 2017, Mitel announced they had reached a deal to buy [[ShoreTel]] for $530 million, increasing the size of the company to approximately 4,200 employees.<ref>{{Cite web |date=July 27, 2017 |title=Mitel to buy ShoreTel for $430 million to create unified communications powerhouse |url=https://techcrunch.com/2017/07/27/mitel-to-buy-shoretel-for-430-million-to-create-unified-communications-powerhouse/}}</ref><ref>{{Cite news |last=Haranas |first=Mark |date=September 25, 2017 |title=Mitel Completes $530 Million Acquisition Of ShoreTel |language=en |work=CRN |url=https://www.crn.com/news/networking/300092671/mitel-completes-530-million-acquisition-of-shoretel.htm |access-date=April 9, 2018}}</ref><ref>{{Cite news |last=Networks |first=Mitel |title=Mitel Completes Acquisition of ShoreTel |language=en-US |work=GlobeNewswire News Room |url=https://globenewswire.com/news-release/2017/09/25/1132173/0/en/Mitel-Completes-Acquisition-of-ShoreTel.html |access-date=April 9, 2018}}</ref> |
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==Litigation== |
|||
[[Major League Baseball]], in 2018, entered into a deal with Mitel to unify communications "between the press box, dugout, bullpen and video review rooms at every MLB ballpark from the Rogers Centre to Wrigley Field".<ref>{{cite web |title=MLB taps Ottawa's Mitel for on-field communication systems |url=https://obj.ca/mlb-taps-ottawas-mitel-for-on-field-communication-systems/ |website=[[Ottawa Business Journal]] |date=February 27, 2018}}</ref> |
|||
In 2011, Mitel launched litigation against at least two Australian businesses for infringing on Mitel's trademark and the businesses for engaging in misleading or deceptive conduct under Australian [[consumer law]]. The first case against Melbourne telecommunications company Mytel was resolved, while the second case brought against a chain of mobile phone accessory and repair stores under the MyTel and HappyTel name was still waiting to be heard.<ref>{{cite web|url=http://www.zdnet.com.au/mitel-targets-iphone-repairer-trademark-339327149.htm |title=Mitel targets iPhone repairer trademark|publisher=[[ZDNet]] |date=December 2, 2011 }}</ref> |
|||
⚫ | On November 30, 2018, Mitel announced that all the shares of Mitel were acquired by affiliates of funds advised by [[Searchlight Capital|Searchlight Capital Partners]]. The shares ceased trading on the TSX and Nasdaq<ref>{{Cite web |date=2018-11-30 |title=Mitel Closes the Previously Announced Transaction with Searchlight Capital Partners |url=https://www.bloomberg.com/press-releases/2018-11-30/mitel-closes-the-previously-announced-transaction-with-searchlight-capital-partners |access-date=2020-10-03 |website=Bloomberg.com}}</ref> and were delisted. |
||
In April 2019, Mitel moved to merge with [[Avaya]].<ref>{{Cite news|title=Mitel Offers to Combine With Avaya in Stock Deal Worth More Than $2 Billion|url=https://www.wsj.com/articles/mitel-offers-to-combine-with-avaya-in-stock-deal-worth-more-than-2-billion-11556213302|access-date=2021-06-22|newspaper=Wall Street Journal|date=April 25, 2019 |last1=Lombardo |first1=Cara |last2=Dummett |first2=Ben }}</ref> The merger did not go through.<ref>{{Cite web|title=Why a Mitel-Avaya Merger Would Be Good for the Industry|url=https://www.nojitter.com/unified-communications-collaboration/why-mitel-avaya-merger-would-be-good-industry|access-date=2021-06-22|website=nojitter.com}}</ref> |
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In October 2019, Mitel’s CEO Richard McBee resigned.<ref>{{Cite web|title=Best RingCentral Alternatives in 2021|url=https://www.founderjar.com/ringcentral-alternatives/|access-date=2021-06-22|website=founderjar.com|date=March 22, 2021 }}</ref> [[Mary T. McDowell|Mary McDowell]] became the new CEO.<ref>{{Cite web|title=MITEL ANNOUNCES MARY T. MCDOWELL AS NEW PRESIDENT & CEO|url=https://www.mitel.com/about/newsroom/press-releases/mitel-announces-mary-t-mcdowell-as-new-president-and-ceo|access-date=2021-06-22|website=mitel.com}}</ref> |
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=== 2020 - Present === |
|||
In May 2021, Mitel announced a partnership with Five9.<ref>{{Cite web|title=Five9 and Mitel partner to expand cloud contact center portfolio|url=https://seekingalpha.com/news/3700305-five9-and-mitel-partner-to-expand-cloud-contact-center-portfolio|access-date=2021-06-22|website=seekingalpha.com|date=May 26, 2021 }}</ref> |
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In November 2021, Mitel and RingCentral entered into an agreement.<ref>{{cite web |last1=Narcisi |first1=Gina |title=RingCentral Laying Off 50 Workers At California Headquarters |url=https://www.crn.com/news/networking/ringcentral-slashing-50-jobs-at-california-headquarters |website=[[CRN (magazine)|CRN]] |language=en |date=August 5, 2022}}</ref> |
|||
Tarun Loomba became the CEO in the same year.<ref>{{cite web |last1=Panettieri |first1=Joe |title=RingCentral Acquires Certain Mitel Technologies, Inks UCaaS Partnership |url=https://www.channele2e.com/technology/unified-communications/ringcentral-acquires-certain-mitel-technologies-inks-ucaas-partnership/ |website=ChannelE2E |date=November 10, 2021}}</ref> |
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In January 2023, Mitel announced it entered into exclusive negotiation with Atos to acquire [[Unify (company)|Unify]].<ref>{{Cite web |title=Mitel Enters Exclusive Negotiations with Atos to Acquire its Unified Communications & Collaboration Business (Unify), Significantly Expanding Global UC Footprint and Customer Base |url=https://news.mitel.com/English/press-releases/press-release-details/2023/Mitel-Enters-Exclusive-Negotiations-with-Atos-to-Acquire-its-Unified-Communications--Collaboration-Business-Unify-Significantly-Expanding-Global-UC-Footprint-and-Customer-Base/default.aspx?_gl=1*19757a*_ga*MTAxMjYzMTQwNS4xNjc0NzI0Njcy*_ga_GJ2SLN9QSE*MTY3NDczMzY5Mi4yLjAuMTY3NDczMzY5Mi4wLjAuMA..&_ga=2.28520700.1795889768.1674724672-1012631405.1674724672 |access-date=2023-01-26 |website=news.mitel.com |language=en-US}}</ref> The acquisition of Unify was completed in October 2023.<ref>{{cite news |last1=Newman |first1=Daniel |title=Mitel Acquires Unify Becoming World’s Second Largest Unified Communications Company Worldwide |url=https://www.forbes.com/sites/danielnewman/2023/10/04/mitel-acquires-unify-becoming-worlds-second-largest-unified-communications-company-worldwide/ |access-date=24 November 2023 |work=Forbes |date=4 October 2023}}</ref> |
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==Product lineup== |
==Product lineup== |
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Line 99: | Line 106: | ||
'''Communications platforms''' (Cloud / Onsite PBX): Mitel's business phone systems provide call center, unified communications and cloud communications solutions. |
'''Communications platforms''' (Cloud / Onsite PBX): Mitel's business phone systems provide call center, unified communications and cloud communications solutions. |
||
⚫ | |||
* MiCloud Connect |
* MiCloud Connect |
||
* MiCloud Flex |
* MiCloud Flex |
||
* MiVoice Office 250 |
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* MiCloud Telepo for Service providers |
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* MiVoice Office |
* MiVoice Office 400 |
||
* MiVoice |
* MiVoice Business |
||
* MiVoice Business (including virtual MiVoice Business (vMiVB)) |
|||
⚫ | |||
* MiVoice Connect |
* MiVoice Connect |
||
* MiVoice MX- |
* MiVoice MX-ONE |
||
⚫ | |||
'''Session Border Controllers''' (Cloud / Onsite): Mitel's SBC acts as a security gateway between the company network and the Internet |
'''Session Border Controllers''' (Cloud / Onsite): Mitel's SBC acts as a security gateway between the company network and the Internet |
||
Line 114: | Line 119: | ||
'''Applications''' (Contact Center and UC Apps): Mitel's contact center and collaboration applications. |
'''Applications''' (Contact Center and UC Apps): Mitel's contact center and collaboration applications. |
||
* MiCloud Contact |
* MiCloud Connect Contact Center |
||
* MiCloud Flex Contact Center |
|||
⚫ | |||
* MiContact Center Business |
|||
⚫ | |||
* MiVoice Connect Contact Center |
|||
* Teamwork |
* Teamwork |
||
* MiCollab |
* MiCollab |
||
* NuPoint Unified Messenger |
|||
* MiCollab Advanced Messaging |
* MiCollab Advanced Messaging |
||
* Mitel One |
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* Audio, Web and Video Conferencing |
|||
'''Endpoints''' (Phones / Wireless): Mitel offers a range of SIP/IP and digital phones, consoles, conference phones and peripherals. |
'''Endpoints''' (Phones / Wireless): Mitel offers a range of SIP/IP and digital phones, consoles, conference phones and peripherals. |
||
* Desk phones for MiCloud / MiVoice Solutions{{buzzword inline|date=May 2020}} (select models like 6900s, 5300s, 400s) |
* Desk phones for MiCloud / MiVoice Solutions{{buzzword inline|date=May 2020}} (select models like 6900s, 5300s, 400s) |
||
* SIP phones for MiVoice solutions{{buzzword inline|date=May 2020}} (6800s) |
* SIP phones for MiVoice solutions{{buzzword inline|date=May 2020}} (6800s) |
||
* Digital phones (8500s & 4200s) |
* Digital phones (8500s & 4200s) |
||
* DECT Wireless solutions{{buzzword inline|date=May 2020}} |
* DECT Wireless solutions{{buzzword inline|date=May 2020}} |
||
* SIP Wi-Fi handsets |
* SIP Wi-Fi handsets |
||
* TA7100 FXS adapters<ref>{{cite web |title=MITEL TA7100 TERMINAL ADAPTERS |url=https://www.mitel.com/en-ca/products/devices-accessories/analog-phones-peripherals/mitel-ta7100-terminal-adapters |access-date=8 June 2022}}</ref> |
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* MiCollab Client |
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{{clear}} |
{{clear}} |
||
== References == |
== References == |
||
{{Reflist |
{{Reflist}} |
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== External links == |
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* {{Official website|https://www.mitel.com/}} |
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{{Authority control}} |
{{Authority control}} |
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[[Category:Companies formerly listed on the Toronto Stock Exchange]] |
[[Category:Companies formerly listed on the Toronto Stock Exchange]] |
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[[Category:Companies formerly listed on |
[[Category:Companies formerly listed on the Nasdaq]] |
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[[Category:Companies based in Ottawa]] |
[[Category:Companies based in Ottawa]] |
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[[Category:Canadian companies established in 1973]] |
[[Category:Canadian companies established in 1973]] |
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[[Category:2018 mergers and acquisitions]] |
[[Category:2018 mergers and acquisitions]] |
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[[Category:Private equity portfolio companies]] |
[[Category:Private equity portfolio companies]] |
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[[Category: |
[[Category:Privately held companies of Canada]] |
Revision as of 04:55, 26 July 2024
Company type | Private |
---|---|
Industry | Telecommunications |
Founded | 1973 |
Headquarters | Ottawa, Ontario , Canada |
Key people | Tarun Loomba (president and CEO) Jamshid Rezaei (CIO) |
Products | See here |
Owner | Searchlight Capital Partners |
Number of employees | 2,400 |
Website | www |
Mitel Networks Corporation is a Canadian telecommunications company. The company previously produced TDM PBX systems and applications, but after a change in ownership in 2001, now focuses almost entirely on Voice-over-IP (VoIP), unified communications, collaboration and contact center products.[1] Mitel is headquartered in Ottawa, Ontario, Canada, with offices, partners and resellers worldwide.[2][3]
In April 2018, the company announced it had been bought by an investor group led by Searchlight Capital Partners.[4]
History
Founding
This section needs additional citations for verification. (December 2018) |
Michael Cowpland and Terry Matthews founded Mitel in 1973[5][6] (officially on June 8, 1973). Conventionally, its name is regarded as a combination of the founders’ first names and their first product, Mike and Terry Lawnmowers.[7][8] Michael Cowpland stated that the name stands for Mike and Terry Lawnmowers, whereas Terry Matthews confirmed the lawnmower acronym during an interview on BBC Radio 4's The Bottom Line in May 2011.[citation needed]
Cowpland and Matthews formed the corporation with the blessing of their employer, Bell Northern Research, in order to protect their intellectual property rights of the converter design from their employer, who otherwise would have legal ownership rights.[citation needed]
Their first shipment of three lawnmowers was lost in shipping, so they quickly adjusted to produce a telephony tone receiver product (a tone-to-pulse converter for central office use based on Cowpland's Ph.D. thesis). Michael Cowpland has also stated that the lawnmowers were not suited to Canadian lawns.[citation needed]
Following the success of the tone receiver, the founders extended their interest in the telecommunications industry. Early on, the pair realized the significance of the then-new microprocessor and software technology[9] to the design of telecom switches. In 1975, they introduced the SX200 PBX.[9] In 1976, the company expanded into the semiconductor field with the acquisition of Siltex, a bankrupt ISO-CMOS foundry in Bromont, Quebec. This evolved into a semiconductor division that specialized in mixed signal and thick film hybrid devices.[citation needed] The company grew at a rate of over 100% per year for several years. They reached the $100 million annual revenue mark by 1981.[10]
1980 - 2000
The next major product was a large digital PBX called the SX2000. This was an early attempt to integrate the voice and data functions of office systems. It was conceived as moving beyond the PBX to become an Office Controller, which would handle both voice and data applications within an organization.[citation needed]
In 1985, due to a financial crisis in the company, the board of directors created enough new shares to sell a controlling interest (51%) to British Telecom. British Telecom left the equipment business a few years later and sold its controlling interest in Mitel to an investment company called Schroder Ventures. Schroeder Ventures installed new management, which revitalized the company.[citation needed]
In the meantime, Mitel continued to diversify its product line, introducing the successful SUPERSET line of phone terminals, the GX5000 Central Office, and the SMART-1 call controller, among others. Additionally, Mitel developed and marketed a line of telecom-focussed semiconductor products.[citation needed]
2000 - 2010
In 2001, Terry Matthews paid US$230 million to acquire the communications network division of Mitel, along with the Mitel trademark.[11][12] It began a new chapter, under the name Mitel Networks, by developing a family of PBXs based on Internet standards for Voice over IP (VoIP).[citation needed]
The original company retained the semiconductor division. It was renamed Zarlink (Tsar of Links) Semiconductor to reflect its interest in networking.[citation needed]
Mitel Knowledge Corporation, also controlled by Matthews, was incorporated in 2001.[13] Numerous patents were transferred to the company.[14] It later evolved into MKC Networks, which made a family of SIP-based IP PBX systems.[citation needed]
An additional split took place in 2002, when the manufacturing arm was spun off out of Mitel Networks to become a contract manufacturer called BreconRidge. With these developments, the original Mitel Corporation was split into three companies: Zarlink (which though renamed is the original corporate entity), Mitel Networks, and BreconRidge.[15]
On May 10, 2006, the new company announced its intention to launch an Initial public offering (IPO). No detailed information was released, but the press indicated that the company hoped to raise $150 million.[16]
In April 2007, Mitel announced an agreement with Inter-Tel to purchase that company. This purchase would amount to a merger of equals, with the merged company being twice the size of the original Mitel. This acquisition was completed in August 2007. Management had announced that the companies will carry on under the name Mitel. As a result of the merger, Mitel withdrew from the IPO registration process.[17]
On April 22, 2010, Mitel became a public company,[18] listed on Nasdaq with the symbol MITL, and its initial offering stood at $14 per share.[19] Within a year, the stock price had dropped to $5.50[20] and was described by CNBC's Jim Cramer as one of the worst IPOs of the year.[21] Cramer blamed excessively optimistic pricing, excessive debt and the fear that company insiders would sell, dropping the stock value.[21]
During the company's Q1 conference call, Don Smith (CEO) announced his retirement from the company once the board of directors was able to find a suitable replacement. Smith said he would remain on the board after retirement.[22]
2011 - 2020
In 2011, Mitel launched litigation against at least two Australian businesses for infringing on Mitel's trademark and the businesses for engaging in misleading or deceptive conduct under Australian consumer law.[23] The first case against Melbourne telecommunications company MyTel was resolved.[24]
On March 1, 2013, Mitel announced it had completed the sale of its DataNet CommSource business unit ("DataNet") in Sioux Falls to EarthBend, LLC.[25] In December 2016 the company announced that it had sold its mobility unit for $385 million to Xura and that would focus its business on Unified Communications.[26]
In June 2013, Mitel announced the completion of acquisition of one of its key suppliers, prairieFyre Software Inc., a privately held global provider of contact center, business analytics, and workforce optimization software and services. The net cash cost to Mitel for the acquisition of prairieFyre was approximately $20 million. prairieFyre was an original equipment manufacturer (OEM) that supplied Mitel with its existing contact center solution.[buzzword][27]
In November 2013, Mitel announced the purchase of Aastra Technologies.[28]
On March 4, 2014, Mitel announced the acquisition of contact center supplier OAISYS.[citation needed]
In March 2015, Mitel announced to buy Mavenir Systems for $560 million.[29]
In April 2016, Mitel announced its intention to buy Polycom for $1.96 billion.[30] The deal was intended to give existing Polycom shareholders both cash and new Mitel shares for their holdings and result in Polycom shareholders owning 60% of the combined company. The acquisition was ended in favour of a merger with Siris Capital instead,[31] forcing Polycom to pay a US$60 million fee to Mitel for cancelling the deal.[32]
In July 2017, Mitel announced they had reached a deal to buy ShoreTel for $530 million, increasing the size of the company to approximately 4,200 employees.[33][34][35]
Major League Baseball, in 2018, entered into a deal with Mitel to unify communications "between the press box, dugout, bullpen and video review rooms at every MLB ballpark from the Rogers Centre to Wrigley Field".[36]
On November 30, 2018, Mitel announced that all the shares of Mitel were acquired by affiliates of funds advised by Searchlight Capital Partners. The shares ceased trading on the TSX and Nasdaq[37] and were delisted.
In April 2019, Mitel moved to merge with Avaya.[38] The merger did not go through.[39]
In October 2019, Mitel’s CEO Richard McBee resigned.[40] Mary McDowell became the new CEO.[41]
2020 - Present
In May 2021, Mitel announced a partnership with Five9.[42]
In November 2021, Mitel and RingCentral entered into an agreement.[43]
Tarun Loomba became the CEO in the same year.[44]
In January 2023, Mitel announced it entered into exclusive negotiation with Atos to acquire Unify.[45] The acquisition of Unify was completed in October 2023.[46]
Product lineup
Communications platforms (Cloud / Onsite PBX): Mitel's business phone systems provide call center, unified communications and cloud communications solutions.
- MiCloud Connect
- MiCloud Flex
- MiVoice Office 250
- MiVoice Office 400
- MiVoice Business
- MiVoice Connect
- MiVoice MX-ONE
- MiVoice 5000
Session Border Controllers (Cloud / Onsite): Mitel's SBC acts as a security gateway between the company network and the Internet
- MiVoice Border Gateway
Applications (Contact Center and UC Apps): Mitel's contact center and collaboration applications.
- MiCloud Connect Contact Center
- MiCloud Flex Contact Center
- MiContact Center Business
- MiContact Center Enterprise
- MiVoice Connect Contact Center
- Teamwork
- MiCollab
- MiCollab Advanced Messaging
- Mitel One
Endpoints (Phones / Wireless): Mitel offers a range of SIP/IP and digital phones, consoles, conference phones and peripherals.
- Desk phones for MiCloud / MiVoice Solutions[buzzword] (select models like 6900s, 5300s, 400s)
- SIP phones for MiVoice solutions[buzzword] (6800s)
- Digital phones (8500s & 4200s)
- DECT Wireless solutions[buzzword]
- SIP Wi-Fi handsets
- TA7100 FXS adapters[47]
References
- ^ "Mitel Review 2023: Features, Pricing & More – Forbes Advisor". www.forbes.com. Retrieved August 11, 2023.
- ^ Nagro, Anne; Elliott, Jessica (April 1, 2023). "What is Mitel?".
- ^ "Mitel Business Phone System Overview and Prices". Retrieved August 25, 2023.
- ^ "Canada's Mitel to be bought by investor group in $2 billion deal". Reuters. Retrieved April 24, 2018.
- ^ "History of Mitel Corporation – FundingUniverse". www.fundinguniverse.com. Retrieved June 28, 2022.
- ^ Scott, Rob (December 21, 2016). "Mitel Unified Communications - The Telecoms Powerhouse". UC Today. Retrieved July 19, 2023.
- ^ "Sir Terry Matthews". Profit. June 2, 2010. Archived from the original on May 17, 2012. Retrieved April 10, 2018.
- ^ "History of Mitel Corporation – FundingUniverse". www.fundinguniverse.com. Retrieved September 27, 2023.
- ^ a b "About Us – Overview – History". Wesley Clover. Archived from the original on April 8, 2018.
- ^ Mitel Annual Report 1982
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