Force10 and Turin merge, pool their capital and clients
Network builder Force10 Networks has merged with Ethernet services provider Turin Networks to create a powerhouse in both spaces, with an impressive list of clients, numbering 1,300 (including eHarmony and Facebook), reports peHUB. More significant than that is the marrying of two significant pots of venture capital. Since their nearly simultaneous founding a decade ago, Force10 has raised $400 million, and Turin $250 million.
Combined under the Force10 name, the new entity, based in San Jose,… Continue Reading
Turin Networks takes significant funding from private equity investor
Carrier ethernet company Turin Networks has taken a large investment from Millenium Private Equity, according to VentureWire, likely representing 20 to 25 percent of the company.
Turin makes carrier ethernet for wired and wireless networks, as well as backhaul networks. The additional money will help it expand in the Middle East, Asia and Africa.
The Petaluma, Calif. company recapitalized in May 2007 and later in the year made a $92.7 million acquisition.
Turin Networks buys Carrier Access for $92.7M
Turin Networks, a Petaluma, Calif. provider of networking equipment, will buy Carrier Access, a struggling company in Boulder, Colo. that is publicly traded on the Nasdaq exchange.
Although Turin has agreed to pay about $2.60 per share for Carrier Access, that amount could be lower if the latter company has less than $63 million on its balance sheets when the acquisition is finalized.
A number of venture firms have invested in Turin over the years, including Baker… Continue Reading
Turin Networks, telecom equipment maker, to bring in $50M more
Turin Networks, a Petaluma, Calif.-based telecom equipment maker, apparently is struggling, and looks to have taken between $26 million and $35 million financing at worse terms than previously.
Called a recapitalization round, this sort or refinancing typically lowers the value of the company, so that new investors have an incentive to invest. A lower value means they get a larger share of ownership for every dollar they invest.
VentureWire and PE Week report the different numbers today… Continue Reading
Turin Networks buys White Rock assets for piddling $3M
Bankrupt optical telecommunications company White Rock Networks has sold its assets to Turin Networks for a tiny fraction of the $170 million the company raised since 1999, VentureWire reports today (sub required).
See White Rock’s announcement here.
Turin, based in Petaluma, Calif., bought White Rock’s assets, including IP and inventory, for roughly $3 million, according to bankruptcy filings cited by VentureWire.
Turin effectively buys access to White Rock’s 100 telecommunications and cable company customers, even though it… Continue Reading