Finisar Corp.

Finisar Corp.

Finisar Corp.

Overview
Date Founded

1999

Headquarters

1389 Moffett Park Drive,Sunnyvale, CA 94089

Type of Company

Public

Employees (Worldwide)

13K

Industries

Semiconductors
Industrial Machinery & Manufacturing
Internet Software & Services
Wireless Telecommunications
Wholesale: Industrial Products & Manufacturing
IT Consulting & Services
Electrical Products

Company Description

Finisar Corporation is a global technology leader in optical communications components and subsystems. These products enable high-speed voice, video and data communications for networking, storage, wireless, and cable TV applications. Over the past two decades, Finisar has provided critical breakthroughs in optics technologies and has supplied system manufacturers with the production volumes needed to meet the exploding demand for network bandwidth and storage. Finisar's industry-leading optical products include transceivers/transponders, active cables, WSS ROADMs, optical instruments, and active and passive components. In 2008, Finisar merged with Optium Corporation, creating the world's largest supplier of optical communication components and subsystems. The company now delivers the industry's broadest product portfolio backed by world-class quality and reliability. Finisar's vertically integrated business model is ideally suited for delivering massive production volumes while providing ready access to most of the critical technologies needed to develop the next generation of products. With over 9,400 employees, Finisar has sales, channel, and support offices worldwide. Corporate headquarters are located in Sunnyvale, California (USA), with product development and manufacturing facilities located in California, Pennsylvania and Texas (USA), Australia, China, Israel, Korea, Malaysia, Singapore and Sweden.

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Executives & Employees

Co-Founder

Chief Executive Officer

Executive Vice President & Chief Financial Officer

Chief Operating Officer

Chief Technology Officer & Executive Vice President

Executive Vice President, Chief Counsel & Secretary

Chief Strategy Officer

Chief Technical Officer

Executive Vice President & General Manager, 3D Sensing

General Manager, Optics Division

Board of Directors

Former Chief Executive Officer at Adaptec, Inc.

Senior Advisor at TA Associates Management, L.P.

Chief Executive Officer at Finisar Corp.

Professional at Finisar Corp.

Senior Advisor at Vector Capital Management LP

Lead Director at MaxLinear, Inc.

Professional at Finisar Corp.

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Finisar Corp.
Owners & Shareholders
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FAS utilizes various investment strategies that focus primarily on undervalued companies. Their investment philosophy is based on fundamental analysis and decisions are made with a long-term perspective. To achieve a client's objectives, most of the portfolios emphasize a \"value\" approach by investing in companies that are considered \"out of favor\". They employ a bottom-up security selection process to analyze individual securities. FAS looks for under-researched and out-of-favor companies that offer the potential for attractive long-term returns. This may include current growth companies that are being ignored by the market, former growth companies that have recently stumbled whose stock price is dropping sharply but that have the potential for growth and companies that are or may be potential turnaround candidates or takeover targets.

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Nan Shan adopts a holistic approach to actively make investments around the globe. They have rigorous systems of internal audit, compliance, and risk management.

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Snow Capital Management specializes in relative value equity management. They employ bottom-up analysis to identify undervalued, out-of-favor companies that have sound balance sheets but have been oversold due to a development or event that is likely to be temporary. Reasons may be micro-related, such as lower than expected earnings, bearish future expectations, pending litigation or failure to gain FDA approval. Reasons may also be macro-related such as inflation, interest rates, geo-political concerns or foreign exchange rates. Snow Capital identifies companies that may benefit from a potential catalytic development within their organization, industry or market segment. They look for catalysts that fuel both earnings recovery and P/E expansion that lead to a significantly higher stock price.Snow Capital's All Cap Value portfolios consist of 35 to 40 stocks that are equally weighted at the time of purchase. Stocks are selected primarily on the upside potential reflected in their target prices, but consideration is also given to constructing a diversified portfolio. No stock is allowed to exceed 10% of the portfolios market value and no industry can exceed 25%. Market-cap is not a consideration in stock selection, except that stocks with a market-cap less than $1.5 billion are limited to a one-half weight position size.The firm's Large-Cap Value portfolios consists of 40 to 60 stocks, selected primarily on the upside potential reflected in their target prices, but consideration may also be given to maintaining their 4%-7% tracking error target versus the benchmark (the Russell 1000 Value Index). Individual stock over-weights relative to the benchmark, typically up to 3%, are conviction-weighted based on the upside potential reflected in their target prices. Unattractive stocks are not held regardless of their weight in the benchmark.

Recent Transactions
Details Hidden

II-VI Incorporated purchases Finisar Corp.

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Axenic Holdings Ltd. purchases Finisar UK Ltd. from Finisar Corp.

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Gold Pacific Co., Ltd. purchases FI-RA PHOTONICS Co., Ltd. from Finisar Corp.

Transaction Advisors
Accountant

Advised onFinisar Corp. purchases Demeter Technologies, Inc.

Legal Advisor

Advised onFinisar Corp., Gemstone Acquistion Corp purchase Sensors Unlimited, Inc.

Legal Advisor

Advised onFinisar Corp. purchases Optium Corp.

Legal Advisor

Advised onFinisar Corp. purchases Optium Corp.

Legal Advisor

Advised onFinisar Corp. purchases Ignis ASA

Legal Advisor

Advised onFinisar Corp. purchases u²t Photonics AG

Advisors & Consultants
Legal Advisor

Partner at DLA Piper

Advisor

Partner at Qatalyst Group LP

Legal Advisor

Managing Shareholder, Minneapolis Office at Greenberg Traurig LLP

Clients

Dell Technologies, Inc. is a holding company, which engages in the provision of information technology hardware, software, and service solutions through its subsidiaries. It operates through the following segments: Infrastructure Solutions Group (ISG), Client Solutions Group (CSG), and VMware. The ISG segment includes servers, networking, and storage, as well as services and third-party software and peripherals that are closely tied to the sale of ISG hardware. The CSG segment consists of sales to commercial and consumer customers of desktops, thin client products, and notebooks. The VMware segment provides compute, cloud management, networking and security, storage and availability, and other end-user computing offerings. The company was founded by Michael Saul Dell in 1984 and is headquartered in Round Rock, TX.

The International Business Machines Corporation (IBM) is an American multinational technology and consulting corporation, with headquarters in Armonk, New York, United States. IBM manufactures and markets computer hardware and software, and offers infrastructure, hosting and consulting services in areas ranging from mainframe computers to nanotechnology.

Alphabet, Inc. is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube. The Other Bets segment includes businesses such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo, and X. The company was founded by Lawrence E. Page and Sergey Mikhaylovich Brin on October 2, 2015 and is headquartered in Mountain View, CA.

Key Stats and Financials As of 2018
Market Capitalization
$2.87B
Total Enterprise Value
$1.34B
Earnings Per Share
$-0.42
Revenue
$1.32B
Net Profit
$-48.3M
EBITDA
$116M
EBITDAMargin
8.83%
Total Debt
$740M
Total Equity
$1.62B
Enterprise Value Sales
1.01x
Enterprise Value EBITDAOperating
11.49x
TEVNet Income
-27.65x
Debt TEV
0.55x
Three Year Compounded Annual Growth Rate Of Revenue
1.72%
Five Year Compounded Annual Growth Rate Of Revenue
7.1%
Investments
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Virtual Instruments Corp. develops and provides infrastructure performance management solutions for physical, virtual, and cloud computing environments. It offers VirtualWisdom, which is a combination of software and hardware solutions to capture, persist, correlate, analyze, and present the infrastructure system-wide performance, utilization, and health related data. The firm also provides availability management, performance management, and cost optimization solutions for finance, government, healthcare, insurance, manufacturing, energy and utility, retail, telecommunication and service provider, service, and technology industries. The company was founded by Mark R. Urdahl in 2008 and is headquartered in San Jose, CA.

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Nistica, Inc. supplies agile optical modules and subsystems. Its products include FLEDGE, FOURIER, high port-count, and ROADM linecard. The company was founded by Thomas A. Strasser and Jefferson L. Wagener in January 2005 and is headquartered in Bridgewater, NJ.

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Cloudbreak Software, Inc. specializes in collaborative process management software solutions. It helps companies recover valuable business hours by centralizing group activities into a single heads-up display that provides real-time status of everything that's being worked on. The company was founded by Stacey Chang and Dean Haritos in 2003 and is headquartered in San Jose, CA.

Investors
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Apple, Inc. engages in the design, manufacture, and marketing of mobile communication, media devices, personal computers, and portable digital music players. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America. The Europe segment consists of European countries, as well as India, the Middle East, and Africa. The Greater China segment comprises of China, Hong Kong, and Taiwan. The Rest of Asia Pacific segment includes Australia and Asian countries. The company was founded by Steven Paul Jobs, Ronald Gerald Wayne, and Stephen G. Wozniak on April 1, 1976 and is headquartered in Cupertino, CA.

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TA Associates focuses primarily on investments in growth companies in a variety of sectors including: business services, communications, computers/peripherals, consumer, e-Services/information technology services, financial services, financial technology, healthcare services, healthcare technology, Internet infrastructure, Internet services, semiconductor/electronics and software. The firm seeks to invest in profitable companies that are leaders in industries in which the underlying fundamentals of profitability and growth are superior to the overall market. They look for companies with experienced management teams and highly efficient, profitable business models. TA Associates invests primarily in North America, Europe and Asia.TA Associates assists companies with public offerings, debt financings and mergers and acquisitions. They provide capital for acquisitions, growth, MBOs, for the purchase of stock from shareholders and to provide liquidity with leverage. TA Associates takes an active, lead role in the deals in which they participate and may take minority or majority positions. Funds are generally used to finance growth, MBOs and industry consolidations. The firm also participates in private share repurchases. They invest mainly in companies valued at $150 million to $3 billion. Equity investments range from $50 million to $500 million. Subordinated debt investments range from $10 million to $50 million. The majority of TA Associates' investments involve the use of debt. The firm may arrange larger investments through co-investments with their limited partners.

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Summit Partners invests in growth companies across the world. The firm target companies in sectors such as technology, healthcare & life sciences and growth products & services. They provide financing from venture capital to growth equity to fixed income for recapitalizations, MBOs and all stages of capital requirements with an investment size of USD10 million to more than USD500 million. They consider both majority and minority positions.

Suppliers
Fabrinet Equipment & Office Supplies | George Town, GT

Fabrinet is a provider of foundry services to optics OEMS. We manufacture, assemble, and test products for customers at our main manufacturing facilities in Bangkok, Thailand. We design and manufacture our own bulk optical materials and components at our facilities in Fuzhou, the People’s Republic of China, and New Jersey, USA. We use a variety of optical and electro-mechanical process technologies licensed for use by our customers or developed by us in-house. In addition, we use a number of internally developed operational systems which we believe provide our customers with improved efficiencies.

Aixtron SE Appliances & Electronics | Herzogenrath, NW

AIXTRON SE provides deposition equipment to the semiconductor industry. Its products include compound semiconductors, silicon semiconductors, organic semiconductors, and nanotechnology. The company also offers services such as technical phone support, inventory of key spare parts for short delivery times, specialized service and process engineers on site, regional service centers, operating cost calculations, and service and maintenance contracts. AIXTRON was founded by Heinrich Schumann, Holger Jürgensen, and Meino Heyen in December 1983 and is headquartered in Herzogenrath, Germany.

LightPath Technologies, Inc. Industrial Machinery & Manufacturing | Orlando, Florida

LightPath Technologies, Inc. designs, develops, manufactures, and distributes optical and infrared components. Its products include molded glass and assemblies; infrared molded lenses, diamond turned, conventional ground and polished ground lenses and assemblies; and Gradium lenses. It supports a range of customers in the field of industrial, laser, defense, medical, telecommunications, and instrumentation. The company was founded on June 15, 1992 and is headquartered in Orlando, FL.

Competitors
Koch Industries, Inc. Chemicals - Wichita , KS

Koch Industries, Inc. began as Wood River Oil and Refining Co. in 1940. The company is based in Wichita, Kansas and is one of the largest private companies in America. Its major industries include refining, chemicals & biofuels, process & pollution control equipment and technologies, minerals, fertilizers, polymers & fibers, commodity trading & service, forest & consumer products, and ranching.Koch companies have supported education and social progress. These philanthropic efforts include support for educational institutions, foundations and programs that study and promote market-based solutions to societal challenge. Koch also works to protect, conserve and enhance natural resources; Koch companies around the world have earned awards for safety, environmental excellence, community stewardship, innovation and customer service since January 2009.

Lumentum Holdings, Inc. Electrical Products - Milpitas, CA

Lumentum Holdings, Inc. engages in the manufacture of optical and photonic products enabling optical networking and commercial laser. It operates through the Optical Communications (OpComms) and Commercial Lasers business segments. The OpComms segment includes modules and subsystems to support and maintain customers in the Telecom and Datacom markets. The Commercial Lasers segment covers subsystems used in a variety of original equipment manufacturer applications. The company was founded on February 10, 2015 and is headquartered in Milpitas, CA.

Acacia Communications, Inc. Electrical Products - Maynard, MA

Acacia Communications, Inc. is engaged in the development, manufacture, and sale of high-speed coherent optical interconnect products that are designed to transform communications networks through improvements in performance, capacity, and cost. The company was founded by Mehrdad Givehchi, Benny P. Mikkelsen, and Christian J. Rasmussen in June 2009 and is headquartered in Maynard, MA.

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