NEW YORK-Western Multiplex Corp., Sunnyvale, Calif., a broadband wireless access equipment provider, went public last week with a 7.5-million share offering of common stock, priced at $12 each.
The company, formerly part of Glenayre, develops systems used in both the licensed and unlicensed portions of the radio-frequency spectrum.
Its point-to-point systems include Lynx DS-3, which Western Multiplex said is “currently the industry’s fastest license-exempt wireless system … used primarily by wireless operators to connect their base stations to other base stations and existing wireline networks.”
The company’s Tsunami system enables point-to-point, fixed wireless communications between two locations.
“Our Ubiquity point-to-multipoint systems, currently under development, will enable service providers, businesses and other enterprises to connect multiple facilities within a geographic area to a central hub,” Western Multiplex said.
Salomon Smith Barney and Lehman Brothers Inc. served jointly as lead underwriters for the sale. Proceeds will be used for a variety of purposes, including new product development, debt repayment, expansion of engineering capabilities, capital expenditures, acquisitions and sales and marketing expenses.
“The market for broadband wireless access systems is rapidly evolving, highly competitive and subject to rapid technological change,” Western Multiplex said.
“Because we develop a variety of products for several different markets, we have a broad range of competitors … We expect to face increasing competitive pressures from both current and future competitors in the markets we serve.”
Western Multiplex counts among its competitors Adaptive Broadband Corp., Alcatel Alsthom, Cisco Systems Inc., Ericsson Business Networks AB, Lucent Technologies Inc., Netro Corp., Nortel Networks Corp., P-com Inc., Proxim Inc. and Wi-Lan Corp.
