Gilat Announces Structural Organizational Changes to Support Key Strategic Opportunities
Petah Tikva, Israel – October 12, 2015 – Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT),, today announced it is streamlining its organization to better benefit from significant growth opportunities in the market.
Dov Baharav, Chairman and interim CEO of Gilat said: “We are witnessing several trends in the industry accelerate, including: a shift to High Throughput Satellites (HTS), enhanced need for comprehensive services and turnkey solutions, the growth of Rural Broadband Internet (as was just demonstrated by Facebook’s new initiative for Africa), deployment of HTS satellite communication in China, and in-flight connectivity (IFC).
According to Baharav, Gilat is shifting focus to better support the following growth drivers:
- HTS - Gilat will continue to drive meaningful partnerships with HTS Operators, leveraging our leading technology in the market and our breadth of services to deploy and operate the ground segment.
- IFC – We are placing major focus on developing our new dual band Ka/Ku terminal, as well as leveraging our uniquely developed Phased Array antennas, to serve the high growth market of In-flight Connectivity.
- Rural Internet Broadband – Building on our vast experience from the Fitel projects in Peru and identifying additional markets to expand into, bringing internet broadband to rural areas.
- Enhancing our offering to provide comprehensive turnkey solutions to Telcos and large enterprises.
- The Chinese market – our recent win in the yet untapped Chinese market presents us with a very significant opportunity, encompassing all of the above business drivers in a single territory."
"In order to take full advantage of the above Gilat has adjusted its organization. First, our Commercial division will continue focusing on the HTS market, while driving broader solutions, enhancing our offering to combine technology and services. Secondly, our Strategic Initiatives Division will encompass our IFC activity, Wavestream, Defense and the Chinese market, which will be addressed with a special focus," said Baharav.
"These adjustments will also result in several changes to our management team and structure," Dov Baharav continued.
"In addition, our CFO, Yuval Ronen, has decided to leave Gilat. He will be replaced by Adi Sfadia, who will be joining us on December 1st 2015. Adi will be joining after serving as CFO of Starhome-Mach and previously as CFO of Radvision (NASDAQ: RVSN). He has also spent five years with Ernst & Young. I would like to thank Yuval for his contribution to Gilat during his term,” added Dov Baharav.
“With the structural change and our promising strategic opportunities, I am confident we will achieve profitable growth in 2016 and beyond, making Gilat the global leader of satellite networks solutions and the partner of choice for large complex projects for Satellite Operators, Telcos, and other large enterprises,” concluded Baharav.
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