Gilat Awarded $20 Million Cellular Backhaul Managed Service Contract Renewal and Expansion from Tier-1 MNO in the United States

Rhea-AI Summary

Gilat Satellite Networks (NASDAQ: GILT) announced a $20 million contract renewal and expansion with a Tier-1 MNO in the U.S. This three-year agreement positions Gilat as the sole vendor for LTE backhauling and disaster recovery, replacing existing satellite technologies. Gilat's success stems from its expertise in managed services and advanced LTE technology, ensuring a seamless transition to 5G. This contract reflects Gilat's growing influence in the market, confirming its commitment to providing high-quality services and innovative solutions.

Positive

• Awarded a $20 million contract renewal and expansion.
• Gilat becomes the sole vendor for LTE backhauling and disaster recovery.
• Demonstrated expertise in managed services and LTE technology.
• Reflects strong service capabilities and competitive position in the market.

Negative

• None.

Gilat becomes the MNO's sole vendor to provide end-to-end services for LTE backhauling and disaster-recovery while replacing existing satellite technologies

PETAH TIKVA, Israel, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today that it was awarded a $20 Million cellular backhaul managed service three-year contract renewal and expansion from a Tier-1 MNO in the United States. With this award, Gilat becomes the MNO's sole vendor to provide the end-to-end services for LTE backhauling and disaster-recovery, while replacing existing satellite technologies.

This significant contract expansion was awarded to Gilat due to its proven managed service expertise and unmatched LTE over satellite technology. Gilat has also demonstrated unparalleled capabilities in all three dimensions: technology, delivery and operation. Gilat's superior technology ensures the required user experience and enables a smooth transition to 5G, while the delivery and day-to-day operational needs were met consistently and professionally.

“We are delighted to have been selected by the US Tier-1 MNO for this major three-year managed service contract renewal and expansion, which is a testament to Gilat's strong service capabilities in this area," said Michal Aharonov, Vice President Global Broadband Networks at Gilat. “I am pleased that Gilat's managed service strategy is materializing globally, securing important contracts with major customers around the world."

About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With 30 years of experience, we design and manufacture cutting-edge ground segment equipment, and provide comprehensive solutions and end-to-end services, powered by our innovative technology. Delivering high value competitive solutions, our portfolio comprises of a cloud based VSAT network platform, high-speed modems, high performance on-the-move antennas and high efficiency, high power Solid State Amplifiers (SSPA) and Block Upconverters (BUC).

Gilat’s comprehensive solutions support multiple applications with a full portfolio of products to address key applications including broadband access, cellular backhaul, enterprise, in-flight connectivity, maritime, trains, defense and public safety, all while meeting the most stringent service level requirements. Gilat controlling shareholders are the FIMI Private Equity Funds. For more information, please visit: www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, risks associated with the outbreak and global spread of the coronavirus (COVID-19) pandemic; changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

Contact:
Gilat Satellite Networks
Doreet Oren, Director Corporate Communications
DoreetO@gilat.com 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6a7f73de-d98b-498d-a869-545075b85483

FAQ

What is the recent contract announcement for Gilat (GILT)?

Gilat announced a $20 million contract renewal and expansion with a Tier-1 MNO in the U.S. for LTE backhauling and disaster recovery.

How long is the contract awarded to Gilat (GILT)?

The contract is a three-year agreement.

What services will Gilat (GILT) provide under this contract?

Gilat will provide end-to-end services for LTE backhauling and disaster recovery.

Why was Gilat (GILT) selected as the sole vendor?

Gilat was selected due to its proven managed service expertise and advanced LTE over satellite technology.