Cygna Labs Signs Definitive Agreement to Acquire Nokia's DDI Business Unit
Combination places Cygna Labs as the number two provider of DDI solutions globally, further expanding its intellectual property and Fortune 100 customer base
MIAMI, March 7, 2023 /PRNewswire-PRWeb/ -- Cygna Labs, a highly specialized software developer focused on serving enterprises worldwide and a leading provider of DDI, cloud security, and compliance technology, announced today that it has entered into a definitive agreement to acquire Nokia's VitalQIP product, related intellectual property as well as its customers and associated personnel.
Cygna Labs is known for its industry expertise and long-standing relationships with large-scale enterprise clients and Fortune 100 companies. Nokia (VitalQIP) is ranked in the top five of the IDC Worldwide DDI Market Shares, 2021: The Shift to Software-Driven and Cloud-Managed DDI Continues (doc #US49818822, November 2022.) Cygna Labs will ensure VitalQIP customers not only receive extensive ongoing maintenance and support services, including global 24x7 support but will also be able to take advantage of Cygna Labs' expertise and innovation. The company plans to commit significant investment into VitalQIP through increased research and development. The product will remain a standalone product line and has already been incorporated into Cygna Labs' portfolio of managed service offerings.
The two companies are currently targeting to close the agreement by the end of March, subject to certain terms and conditions. Financial details of the agreement are not being disclosed.Alexander Haecker, CEO, Cygna Labs Group GmbH, said: "Cygna Labs continues to support large-scale enterprise customers that rely on our DDI products and services, including the challenges they face with DDI, automation, and DNS Security. This acquisition will expand our offering to include VitalQIP's industry-proven open and scalable DDI solutions and will be offered side-by-side with our existing DDI offerings."
Christian Ehrenthal, president and CEO, Cygna Labs Corp., said: "Adding Nokia's leading DDI product enhances our intellectual property and will place Cygna Labs in the number two market share position. From a business perspective, this acquisition enhances the Cygna Labs product portfolio, brings additional Fortune 100 companies to our client roster, and increases opportunities for Cygna Labs to expand our combined global market presence."
Hamdy Farid, senior vice president, Business Application, Nokia said: "Nokia is pleased to enter this agreement with Cygna Labs as a reflection of our strategy to rebalance our Cloud and Network Services portfolio to focus investment on areas of our technology leadership and growth. As a longtime DDI leader, Cygna's industry expertise and investment will position customers for success, and we will work closely through the transition to ensure business continuity."
Brandon Butler, research manager, IDC, said: "Cygna Labs' acquisition of the VitalQIP DDI business is a significant advancement for the company, as well as the broader DDI market. Integrating the VitalQIP DDI product into Cygna Labs' portfolio gives the company a broad range of DDI offerings for enterprises and service providers. Combined with the company's strong managed services for DDI, the acquisition enhances and solidifies Cygna Labs' standing in the DDI market."
Cygna Labs was advised on this transaction by Hogan Lovells (legal), Grant Thornton (finance and tax) and goetzpartners (buyside support).
About Cygna Labs
Cygna Labs is a software developer and one of the top three global DDI vendors. Many Fortune 100 customers rely on Cygna Labs' DDI products and services, in addition to its industry-leading security and compliance solutions, to detect and proactively mitigate data security threats, affordably pass compliance audits, and increase the productivity of their IT departments. For more information, visit https://cygnalabs.com.
About Nokia
At Nokia, we create technology that helps the world act together. As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
Media Contact
Kim Dearborn, Cygna Labs Corp., 1 3056005215, [email protected]
SOURCE Cygna Labs Corp.
Share this article