Intel (Nasdaq: INTC) has acquired Israeli company Envara for $40 million. Founded in March 2000 by entrepreneur Gideon Barak, Envara develops and markets chip solutions for wireless local area networks (WLAN). Envara has raised $38 million to date.
Venture capital industry sources said that Barak and his partner, Envara president and CEO Izik Kirshenbaum, had earned $1 million on the deal. The shareholders, who did not make a profit on the deal, did make back their investment through an exit at what they considered to be the right time.
Envara declined to respond before an official announcement is made. The company has 60 employees in its headquarters and development center in Herzliya and its California branch. In 1999, Barak sold wireless telecommunications company Butterfly to Texas Instruments (NYSE: TXN) for $50 million.
Published by Globes [online] - www.globes.co.il - on March 25, 2004
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