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Riverbed signs on for Xirrus purchase
Posted on Friday, 21 April 2017 11:39
US software performance improvement technology developer Riverbed has reached a definitive agreement to pick up Californian Wi-Fi network provider Xirrus.
No financial details of the acquisition have been disclosed at this time.
Completion of the transaction is expected to follow at some point later this month.
Riverbed believes the acquisition will expand its software-defined wide area network and its SteelConnect cloud networking technology, thereby offering an improved service to existing customers.
In addition, the buyer will offer Xirrus to clients as a standalone wireless local area network.
Riverbed chief executive Jerry Kennelly said: “With this acquisition, Riverbed and our partners are uniquely positioned to provide CIOs and businesses with a software-defined networking approach that delivers unified connectivity and orchestration across the entire network.”
The acquisition represents an exit for Xirrus’ investors, which include August Capital, Canaan Partners, InterWest Partners, QuestMark Partners and US Venture Partners.
It last received funding in October 2016, bringing in USD 611,458 from undisclosed parties.
The deal represents Riverbed’s third announced acquisition since the beginning of 2016; in January of that year it picked up German networking software player Ocedo for an undisclosed sum and in July it announced a planned purchase of custom enterprise technology developer Aternity.
Riverbed was itself taken over in April 2015, when Thoma Bravo and Teachers’ Private Capital, via the Project Homestake Holdings vehicle, bought the business for USD 3.60 billion.
Xirrus’ range of Wi-Fi products include high density access points, access points and cloud services and it has an extensive customer base including big names such as Microsoft, Liverpool Football Club and the University of Mississippi.
According to Zephyr, the M&A database published by Bureau van Dijk, the largest deal targeting a computer programming business to have been announced in 2017 involved DoubleU Games agreeing to pick up Double Down Interactive for USD 825.00 million in April.
© Zephus Ltd