Siris Capital Group closes on approximately $650 million for Siris Partners II Private Equity Fund

NEW YORK, December 13, 2012 — Siris Capital Group, LLC (“SIRIS”) today announced that it held its final closing on approximately $650 million in aggregate capital commitments for SIRIS Partners II, L.P. (“SIRIS II” or the “Fund”), well exceeding its original target.  SIRIS II will focus principally on North American investment opportunities in technology, telecommunications and technology-enabled business services.  The Fund, coupled with its active Limited Partner co-investment program, targets control-oriented transactions from $250 million to $1 billion.  Target investments generally are facing operational, strategic, or financial challenges; often caused by disruptive technologies or fundamental transitions in the marketplace.

Integral to SIRIS’ investment approach is its ability to partner with exceptional senior operating executives (“Executive Partners”), who have extensive experience in the fund’s targeted industry segments.  The Executive Partners actively help identify, validate and operate investment opportunities.  Their significant involvement allows SIRIS to focus on complex investments. SIRIS currently has seven Executive Partners on its team; several of which have worked with SIRIS for over a decade. They include former senior executives of AT&T, Alcatel Lucent, Bell Atlantic, Motorola and U.S. Robotics.

SIRIS was founded by Frank Baker, Peter Berger and Jeffrey Hendren, who have worked together for approximately 14 years. Prior to forming SIRIS, Messrs. Baker, Berger and Hendren were partners at Ripplewood Holdings L.L.C. (“Ripplewood”) for ten years and S.A.C. Private Capital Group, LLC (“SAC PCG”) for four years. While at Ripplewood and SAC PCG, they led the investment of approximately $1.3 billion of equity, including $405 million of co-investment equity, across eleven platforms and 29 transactions.

The Fund currently has two investments, including Tekelec Inc. (“Tekelec”), which it acquired in a $780 million “take-private” acquisition in January 2012. Tekelec’s mission-critical intelligent mobile broadband solutions enable service providers to manage and monetize mobile data and evolve to next generation telecom networks.

Additionally, SIRIS announced on December 11, 2012, a $860 million proposed “take-private” acquisition of Transaction Network Services (NYSE: TNS), a leading global provider of data communications and interoperability solutions to many of the world’s largest retailers, banks, payment processors, telecommunication firms and financial institutions.