Exhibit 99.1 Press Release issued on December 6, 2000
Thursday December 7, 8:39 am Eastern Time
Press Release
Nokia to Acquire Ramp Networks
Acquisition of Ramp Networks to Strengthen Nokia's Existing IP Network Security
Solution Portfolio
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Dec. 7, 2000--Nokia Corporation (NYSE:
NOK - news) and Ramp Networks (NASDAQ: RAMP - news), have signed an agreement by
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which Nokia has agreed to acquire the Santa Clara, CA. based provider of purpose
built Internet security appliances specifically designed for small office
applications.
This acquisition will allow Nokia to expand its portfolio of world-class network
security solutions serving medium and large enterprises to include the small
office sector. Ramp Network's innovative products and solutions will enhance
Nokia's ability to offer an environment in which companies of all sizes feel
confident about doing business over the Internet.
Under the terms of the agreement Nokia has agreed to commence a cash tender
offer within ten business days for all the outstanding Ramp Networks shares at a
price of $5.80 per share. The Ramp Networks Board of Directors has unanimously
approved the agreement. The closing of the transaction is subject to 51% of the
Ramp Networks' shares being tendered and not withdrawn, termination of the
antitrust waiting periods in the United States and other customary closing
conditions and is expected to be completed in the first quarter of 2001. The
holders of approximately 36 % of Ramp Networks' shares have agreed to tender
their shares into the Nokia tender offer.
"The increasing use of the Internet, and the ever increasing risk of network
security threats has heightened the need for IP security solutions for all
businesses,'' said, T. Kent Elliott, senior vice president and general manager,
Nokia Internet Communications. ``Ramp Networks' core competencies in embedded
systems specifically designed to address the security needs of the small
business will be an excellent complement to our current network security
portfolio for our channel partners already serving the medium and large
enterprise sector."
"It is clear that Nokia and Ramp Networks share a common vision for extending
reliable network security solutions to the small office or business,'' said
Mahesh Veerina, president and CEO of Ramp Networks. ``As a recognized leader and
truly global organization, Nokia has proven themselves as technology leaders and
innovators. We are very pleased to be joining forces with Nokia to offer
customers security appliances for the head office, regional and branch office as
well as remote small offices."
Nokia IP Network Security Solutions tightly integrate market-leading security
software, including Check Point VPN-1/FW-1, with world class IP routing
functionality on trusted Nokia IP Networks Security platforms, delivering high-
performance network security
solutions. These tightly integrated appliances are pre-configured and tested for
rapid deployment and support a comprehensive suite of IP routing protocols and
remote management capabilities. The result is a security specific, ready to
deploy appliance designed to meet the most demanding security challenges - fully
backed by Nokia's world class ``First Call-Final Resolution'' technical support.
About Ramp Networks
Ramp Networks is a leading provider of Internet security and broadband access
solutions for the small office and enterprise remote office. The WebRamp family
of affordable, high-performance appliances brings enterprise-class security to
the edge of the network. These highly-integrated platforms offer an expanding
array of value-added services, including virtual private networking and firewall
protection, and can be deployed through value-added resellers, Internet Service
Providers or Managed Security Providers as part of a complete security solution.
Ramp Networks is headquartered in Santa Clara, CA. For more information, visit
the Web site a http://www.rampnet.com/ or contact Ramp at 888-726-7638 or fax
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408-988-6363.
Nokia Internet Communications
Nokia Internet Communications, headquartered in Mountain View, California,
provides world-class Network Security, Virtual Private Network and Wireless
Software solution that assure the security and reliability of corporate
enterprise and managed service provider networks. Nokia is committed to
enhancing the end user experience by enabling personal trusted transactions
within the Mobile Information Society. For more information, please visit
http://www.nokia.com/ and click on IP Networking.
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About Nokia
Nokia is the world leader in mobile communications. Backed by its experience,
innovation, user-friendliness and secure solutions, the company has become the
leading supplier of mobile phones and a leading supplier of mobile, fixed and IP
networks. By adding mobility to the Internet Nokia creates new opportunities for
companies and further enriches the daily lives of people. Nokia is a broadly
held company with listings on six major exchanges.
Investors and security holders are strongly advised to read both the tender
offer statement and the solicitation/recommendation statement regarding the
tender offer referred to in the press release, when they become available,
because they will contain important information. The tender offer statement will
be filed by Nokia with the Securities and Exchange Commission (SEC). The
solicitation/recommendation statement will be filed by Ramp Networks with the
SEC. Investors and security holders may obtain a free copy of these statements
(when available) and other documents filed by Nokia and Ramp Networks at the
SEC's web site at http://www.sec.gov/.
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Press Conference: Thursday , December 7, 2000 - 12 p.m. PST Domestic Call in
number: 1-888-790-8448 International Call in number: 1-312-470-7216 Password:
Nokia Host: Jim Bowman, VP Corporate Communications, Nokia Americas Please be
prepared to offer your full name and press affiliation.
Contact:
Nokia Internet Communications Americas
Laurie Armstrong, 650/704-4652
laurie.armstrong@nokia.com
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or
Nokia Corporate Communications
Jyrki Rosenberg, +3589511-62127
jyrki.rosenberg@nokia.com
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http://www.nokia.com/
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