Ethernity Networks Ltd Contract Win (9473H)
21 November 2018 - 6:00PM
UK Regulatory
TIDMENET
RNS Number : 9473H
Ethernity Networks Ltd
21 November 2018
21 November 2018
ETHERNITY NETWORKS LTD
Contract with Tier 1 North American Military and Defence OEM
Ethernity Networks' 120Gbps Switch/Router FPGA Firmware and
Software to Power Avionic Platform
Ethernity Networks (AIM: ENET.L), a leading innovator of network
processing technology and products, announces today that it has
signed a contract to supply a tier 1 North American aviation and
defence OEM with its ENET Switch/Router firmware and software.
Ethernity will integrate its firmware on the customer's FPGA-based
avionics platform.
The contract represents $400,000 dollars in short-term revenue
for Ethernity, with additional future royalty streams. This
agreement is the second announced contract with a Tier 1 OEM for
Ethernity within the past month following the company's
announcement on 24 October 2018 of a similar networking
functionality contract with a tier 1 OEM's FPGA-based optical
networking platform. The total short-term value of the two deals
could reach as much as $1 million, with considerable ongoing annual
royalties.
The two recent contracts also represent a significant change in
the market in which vendors build FPGA-based platforms as their
preferred vehicle for deployments with multiple applications,
including networking functionality. This trend, when added to the
new Open Compute Platforms (OCP) based entirely on FPGAs and the
adoption of FPGA-based SmartNICs, should result in greater business
opportunities for Ethernity's patented ENET Flow Processor
technology.
"This contract further confirms that our extensive networking
solutions bring tremendous value to different sectors of the market
at the tier 1 OEM level," said David Levi, Ethernity's CEO. "This
further enables us to build strong partnerships with industry
leaders in the various markets that require customised networking
solutions. This established business model will serve as the
foundation for the anticipated product revenue growth from our new
ACE-NIC100 FPGA-based SmartNIC."
"We are very pleased to have been chosen to partner with such a
well-respected aviation manufacturing company," said Rob O'Hara,
Ethernity's Vice President of International Sales. "I believe this
to be an indication of Ethernity's prominent position in the market
for best-in-class networking processing and security technology for
FPGA platforms."
Additional information on Ethernity's FPGA-based ENET Flow
Processor is available on our website at www.ethernitynet.com.
For further information, please contact:
Ethernity Networks Tel: +972 8 915 0392
David Levi, Chief Executive Officer
Mark Reichenberg, Chief Financial Officer
Arden Partners plc (NOMAD and Broker) Tel: +44 207 614 5900
Tom Price / Steve Douglas / Benjamin Cryer
Market Abuse Regulation
The information communicated in this Announcement is inside
information for the purposes of Article 7 of Market Abuse
Regulation 596/2014 ("MAR"). For the purposes of MAR and Article 2
of Commission Implementing Regulation (EU) 2016/1055, this
announcement is being made on behalf of the Company by Mark
Reichenberg, Chief Financial Officer.
About Ethernity Networks
Ethernity Networks (AIM: ENET.L) is a leading innovator of
network processing technology and products. Mounted on low-cost
COTS FPGAs and with a rich set of networking features, Ethernity's
ACE-NIC smart network adapters, ENET SoCs, and network appliances
offer best-in-class all-programmable platforms for the fixed and
mobile telecom, enterprise security, and data centre markets. Our
complete offering, incorporating hardware, FPGA firmware, and
software applications, enables full programmability at the pace of
software development, quickly adapting to changing market demands
and applications and facilitating the deployment of edge computing,
5G, and SDN/NFV.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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