West Palm Beach, FL, January 2012 – The Comvest Group, through its Comvest Investment Partners IV fund (“Comvest IV”) is pleased to announce an investment of $60 million as part of a transaction to acquire a controlling interest in mobile broadband solutions company Tekelec (NASDAQ: TKLC).

The transaction was initially announced on November 7, 2011 and was approved by Tekelec’s shareholders on January 25, 2012. Through a consortium including Siris Capital Group, LLC, GSO Capital Partners LP, Sankaty Advisors LLC, ZelnickMedia and other Siris limited partners and affiliates, the transaction is valued at approximately $780 million.

Tekelec’s management team will remain in place, and Merle Gilmore, former President of Motorola’s Communications Enterprise and Chairman of the Board of Airvana Network Solutions Inc., will serve as Tekelec’s Executive Chairman following the closing.

“We are excited to partner with Tekelec’s management team and believe the Company’s industry leading position in the voice and text signaling business is well positioned to capitalize on the large growth opportunities in the rapidly expanding mobile data market” said Roger Marrero, Managing Director at Comvest.

About Tekelec:
Tekelec connects people and devices to the mobile Internet. Tekelec’s intelligent mobile broadband solutions enable service providers to manage and monetize mobile data and evolve to LTE and IMS. Our portfolio’s unique layer of network intelligence allows service providers to both manage and monetize the exponential growth in mobile web, video and applications traffic. We are the architects of the new Diameter network, the foundation for session, policy and subscriber data management. More than 300 service providers use our market-leading solutions to deliver cloud, machine-to-machine and personalized services to consumers and enterprises. Tekelec has more than 25 offices around the world serving customers in more than 100 countries. For more information visit www.tekelec.com.

About Comvest:
The Comvest Group is a leading private investment firm focused on providing debt and equity capital to lower middle-market companies. Our firm includes seasoned, senior level operating executives at all levels who partner with managers and owners of companies to grow businesses and create long-term value. Since 2000, Comvest has invested more than $1.3 billion of capital in over 100 public and private companies.