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 did not take over their contracts (see statement), so it is too early to say how many of those customers it will win.
According to VentureWire:
Founded in 1999, Richardson, Texas-based White Rock had raised over $170 million in venture capital from a host of investors including Oak Investment Partners, Mayfield Fund, 3i Group PLC, Meritech Capital Partners, Investor Growth Capital, Dali Hook Partners, Fremont Ventures, Gulf International Bank Ltd. and Pacesetter Capital Group. Phone calls and emails placed to each of those firms were not returned. White Rock also didn’t return calls requesting comment.