Avaya goes public (again), rings NYSE opening bell

Avaya goes public (again), rings NYSE opening bell

Avaya has returned to the New York Stock Exchange today. With the opening bell being rung by Avaya’s CEO Jim Chirico, they launched the new stock AVYA 13,63 +0,41 +3,10%, marking the end to a 10-year stint in the hands of venture capitalists TPG Capital and Silver Lake Partners.

pre-emptively released an announcement to the press (Avaya to Ring Opening Bell, Begin Trading on the New York Stock Exchange) yesterday. During the last ten years, has managed to restructure. They have removed $3bn of debt, emerged from Chapter 11 protection. They have managed to launch new products, as well as acquire patents from Nortel. However, some of that cash was raised with the disposal of Avaya’s networking assets to Extreme Networks EXTR 12,27 +0,06 +0,49%.

“On behalf of our entire team, our customers and partners, it is an honor to mark this first day of trading on the NYSE for the new Avaya, which is more focused than ever on leading the industry’s digital transformation. Building upon our history of innovation and expertise in deploying globally scalable solutions, sits today at the strategic nexus of connectivity for the enterprise—with more than 130,000 customers in 220,000 locations worldwide, 90% plus of the Fortune 100, and more than 100 million users.” – Jim Chirico, President and CEO, Avaya Technologies

Jim is also keen on making sure investors in see the potential for growth. He states:

is also the largest pure play Unified Communications and Contact Center provider in the cloud. We have unparalleled opportunities ahead of us. For example, only about 10 percent of our contact center customers have migrated to the cloud. We are passionate about providing the flexibility, open architectures, and deployment options that our customers need to exceed expectations, move ahead of the competition, and quickly take advantage of such new technologies as artificial intelligence, and the of Things.”

The NYSE footage of the opening bell is in the video below. There is also an version, which appears to have used a jostled phone. It is somewhat longer, and shows the traditional “signing of the wall“. The stock opened at $21.70, higher than the close of $21.00, but lower than the peak of $22.00 reached yesterday. (Although they rang the opening bell today, trading has been occurring on the OTC since December 19, 2017).

John Dixon

John Dixon is the Principal Consultant of thirteen-ten nanometre networks Ltd, based in Wiltshire, United Kingdom. He has a wide range of experience, (including, but not limited to) operating, designing and optimizing systems and networks for customers from global to domestic in scale. He has worked with many international brands to implement both data centres and wide-area networks across a range of industries. He is currently supporting a major SD-WAN vendor on the implementation of an environment supporting a major global fast-food chain.

Comments are closed.