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Genband has completed its acquisition of the Nortel’s carrier voice-over-Internet protocol and application solutions business, one of the last major pieces of the fallen telecom giant to be sold.
Plano, Texas-based Genband which announced the US$182-million deal in February, said Friday that it’s now wrapped up planning for the integration process and has finalized its executive management team, reporting structure and product roadmaps.
As well, nearly 100 per cent of the 400 employment offers extended to Nortel’s former employees in the division have been accepted, the company said. There will be approximately 500 people in total working for Genband in Canada.
Advanced video company IPeak Networks finishes its Series B round of financing, attracting investors such as Miralta Capital L.P. and Arjesan II Limited Partnership, the firm announced on Thursday. Like the company’s Series A round of funding last July, this latest announcement does not disclose how much money the company raised from investors.
DragonWave Inc. acquires Axerra Networks for $9.5 million , with the provision that the transaction value could rise to as high as $15.5 million based on sales performance during the 16-month transition period.
The deal will bring more customers to the tech firm while broadening its mobile network capabilities to existing 2G and 3G networks and next-generation 4G, according to DragonWave
In a statement, DragonWave – which has been criticized in recent months for drawing most of its revenue from a single customer – said Axerra’s portfolio of products would “strengthen and complement” that of the packet microwave radio supplier .
Work Horse Capital & Strategic Acquisitions Ltd. closes a $5.8-million qualifying transaction to acquire Palo Alto, Calif.-based Personal Web Systems Inc. The deal is closed concurrently with a private placement for $3.135 million, the capital-pool company says in a release.
Riding the strength of an 80 per cent growth in sales this year, BTI Systems announced late Tuesday an $11 million infusion of funding from existing investors. Representatives from the packet optical networking technology maker said in anOBJ interview that they expect several new announcements about customer wins in the next few months.
Technology licensing company WiLAN Inc. says it has initiated a lawsuit against Comcast Corp., Time Warner Cable Inc., and Charter Communications, claiming that each violates one of its patents in its cable systems and cable modem products.
WiLAN claims the three telecommunications giants violate the patents in the sale, selling, operating, advertising and marketing of the products.
The company, which derives its revenues by licensing intellectual property and defending it in court, said the lawsuit was filed in a U.S. District Court in Eastern Texas.
Nortel Networks Corp. sells its Chinese telecom joint venture Guangdong Nortel to Ericsson (China) Communications Company Ltd. for about US$50 million in cash. The former Canadian high-tech giant, which has largely been dismantled and sold off in pieces under court supervision, owns 62 per cent of Guangdong Nortel. The division was established in 1995.
Sitebrand Inc. declares it is entering creditor protection, and that chief executive Chris Corman will leave the firm. In its most recent release of financial results for the second quarter, it posts a net loss of $29,161 in the three months ending May 31, a slight improvement from a $112,164 loss in Q2 2009.
Protus IP Solutions Inc. is acquired by U.S.based j2 Global Communications for US$213 million. The company says it will lay off an undisclosed number of its 260 workers as a result of the transaction, which will keep the company in Ottawa, and that Steve Adams will lead the Ottawa office, becoming Protus’ general manager and vice-president and directly reporting to j2 CEO Hemi Zucker.
Enablence Technologies Inc. raises $21.2 million in a public offering. The fibre-to-thehome provider sells 36.6 million common shares, with chief executive Tim Thorsteinson purchasing 258,620 of those for gross proceeds of $150,000. Syndicate members include Paradigm Capital, TD Securities Inc., Fraser Mackenzie Ltd. and Raymond James Ltd.