Hod Hasharon, Israel, May 12, 2022 (GLOBE NEWSWIRE) — Allot Ltd. (ALLT) (TASE:ALLT), a leading global provider of innovative network intelligence and security-as-a-service (SECaaS) solutions for communications services (CSPs) and enterprises, today announced the appointment of Raffi Kesten to its board of directors as an independent director. The Company also announced that it has entered into a cooperation agreement with Outerbridge Capital Management, LLC (“Outerbridge Capital”), QVT Financial LP and certain of their affiliates (collectively, “Outerbridge”), which collectively own approximately 7, 5% of the outstanding shares of the company.
Raffi Kesten brings to Allot over 30 years of business and senior management experience in the high-tech and cybersecurity industry. Raffi served as CEO and COO of NDS, a pay-TV media and security company. Following Cisco’s acquisition of NDS, Raffi served as Vice President of Cisco’s Service Provider Security and Video Division. He then joined JVP, one of Israel’s leading venture capital firms, where he led JVP’s investments in tech startups and served on several boards, including CyberArk (CYBR). Most recently, Raffi served as Chief Revenue Officer of RadWare (RDWR), a leading provider of cybersecurity and application delivery solutions.
Mr. Kesten will replace Ronnie Kenneth, who is leaving the board (after serving since October 2014) to devote more time to his new impact fund he recently established. Mr. Kesten will also replace Mr. Kenneth as a member of the Remuneration and Nomination Committee, and Mr. Nadav Zohar, a current director of the Company, will replace Mr. Kenneth as a member of the Audit Committee.
“As a committed long-term shareholder, we are delighted to enter into this agreement with Allot,” said Rory Wallace, Chief Investment Officer of Outerbridge Capital. “With its market-leading products for network management, DDoS attack mitigation, and Security as a Service (SECaaS), Allot can deliver compelling value to service providers as they seek to grow their revenue. , reduce churn and protect their networks and end customers from cyberattacks.We believe Allot’s focus on growing its cybersecurity business is strategically sound and we are glad to have helped Allot to identify a director with impressive and relevant experience to support this growth.Outerbridge intends to continue to work constructively with Allot to enhance shareholder value.
“We are very pleased to welcome Raffi to our Board of Directors,” said Yigal Jacoby, Chairman of Allot’s Board of Directors. “Raffi is a veteran who brings significant experience in cyberspace as well as strong business acumen. He is an excellent choice to join our board of directors. I would also like to take this opportunity to thank Ronnie Kenneth for his dedicated service and major contribution to Allot over the years through his telecommunications and operations experience.
In accordance with the cooperation agreement between Allot and Outerbridge, Allot has agreed to appoint Mr. Kesten as a Class II director at the 2022 annual meeting of shareholders and then again for a three-year term at the 2023 annual meeting of shareholders. Outerbridge has agreed to vote, among other things, in favor of the nominees for the Allot board of directors and has agreed to customary status quo provisions until the day after the annual meeting of shareholders of 2023, provided that Outerbridge is permitted to acquire additional shares to enable aggregate ownership of up to 15% of the outstanding shares of Allot during the standstill period. Outerbridge will also have the right to review and participate in financings, if any, of Allot shareholders at the time of financing, subject to certain exceptions.
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Allot Ltd. (ALLT, TASE:ALLT) is a provider of innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value for their customers. Our solutions are deployed worldwide for network and application analysis, traffic control and shaping, network-based security services, and more. Allot’s multi-service platforms are deployed by more than 500 mobile, fixed and cloud service providers and more than 1000 enterprises. Our industry-leading network-based security-as-a-service solution is already used by more than 20 million subscribers worldwide.
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This press release contains forward-looking statements, which express the current beliefs and expectations of the company’s management. These statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ materially from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: the acceptance of our products by our reseller and customer in the EMEA region; our ability to compete successfully with other companies offering competing technologies; the loss of one or more major customers; our competitors’ consolidation and strategic alliances; government regulation; reduced demand for key value-added services; our ability to keep pace with technological advances and add new features and value-added services; manage long sales cycles; operational risks associated with major projects; our reliance on third-party channel partners for a significant portion of our revenues; and other factors discussed under “Risk Factors” in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission. The forward-looking statements contained in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.