Mavenir Telecom has finalized a major recapitalization that has seen the company wipe off more than $1.3 billion worth of debt.

The recapitalization has also provided the company with $300 million of new financing and leaves Siris Capital as the controlling shareholder.

Mavenir previously announced the planned recapitalization last month, noting at the time that the company intends to refocus Open RAN investments on 4G and 5G software, instead of hardware.

Texas-based Mavenir has been a big advocate of Open RAN (Radio Access Network), a technology that seeks to diversify the vendor supply chain.

“Mavenir has long been at the forefront of cloud transformation, and with a strengthened financial foundation, we are even better positioned to continue innovating for our global customer base,” said Pardeep Kohli, president and CEO of Mavenir.

“The completion of this transaction reflects Siris and the lenders’ confidence and commitment to Mavenir and its mission," added Hubert de Pesquidoux, Mavenir executive chair and Siris Executive Partner.

The company has struggled with its debt pile over the last year, as investments in developing Open RAN kit hadn't paid off as hoped, as vendors such as Ericsson and Samsung have pushed hard in that market and won big contracts.

Last month, Mavenir said it would "double down on its profitable Core segment," while "refining its Open RAN investments" to prioritize software in 4G and 5G deployments.

“We have been spearheading cloud transformation in Core and Open RAN. With a strengthened balance sheet and lower leverage, we are doubling down on our software expertise and domain knowledge to deliver a comprehensive, end-to-end, AI-native telco stack, setting Mavenir up for profitable growth in both Core and Open RAN," said Kohli in June.

Mavenir said at the time that it would maintain its Open RAN hardware IP and continue to support its existing customers.

Mavenir has signed Open RAN deals with a number of carriers, notably with UK operator Virgin Media O2 last year.

The company also has deals with Norway's Ice to support the operator's 4G and 5G networks and Bermudan newcomer Paradise Mobile.

However, the Open RAN battle has been tough, with vendors such as Ericsson commanding some of the bigger deals, notably its $14bn deal with AT&T, though the company does have a contract to supply the US giant with Open RAN radios.

Reports last year suggested that Aramco Digital, the digital arm of Saudi Arabian oil company Aramco, was in talks over a potential $1 billion investment in the company, though this has not materialized.

During MWC earlier this year, Rick Mostaert, vice president of product management, Mavenir, told DCD that the company is bullish on Open RAN opportunities, but did accuse incumbents of not being as "open" as they can be with the technology.