Optical networking company Ciena Corp (Nasdaq: CIEN) announced a deal with Global Crossing (Nasdaq: GBLX) Thursday to supply intelligent optical transport products for its network.
Ciena shares closed at 68 1/4, continuing their ascent since the company reported a strong fourth quarter. Shares in Global Crossing, a telecommunications company which is building the first global fiber optic network, closed at 52 1/4. Global Crossing's stock has also been going strong, and the company recently announced plans for a potential tracking stock for its GlobalCenter.
Under an existing contract with Racal Telecom, which was acquired by Global Crossing in November, the carrier has purchased Ciena MultiWave Sentry systems for the expansion of its UK network to support regional and international Global Crossing customer traffic.
Global Crossing said the deal should help accelerate the availability of high-speed data services to its corporate customers, since Ciena's software enables it to automatically scale the network and turn-up new routes. It will also bring operational savings, the company said.
Financial details of the deal were not released.