F5 Networks Inc. (Nasdaq: FFIV), has acquired the intellectual property assets of Crescendo Networks Inc. for $5.6 million. F5 acquired the assets as part of Crescendo's liquidation proceedings. Several Crescendo will join F5's office in Tel Aviv.
Crescendo was founded in 2002 and raised $51 million. The company had $10 million in sales in 2008, had over 70 employees, and won several industry awards for its application delivery networking (ADN) solutions. In 2010, market sources believed that Hewlett Packard Co. (NYSE:HPQ) would acquire the company at a high company value.
Crescendo's investors included Challenge Fund - Etgar, Evergreen Venture Partners, Stage One Ventures, Apax Partners, and Trilogy Equity Partners of the US. They eventually decided to cut off further funding.
The company went into liquidation. Its debts were estimated at $3.5 million. It developed solutions to speed up and optimize the performance of enterprise servers and information centers to provide advanced online services, including interactive content.
Published by Globes [online], Israel business news - www.globes-online.com - on August 17, 2011
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