JDS Uniphase, a maker of telecom equipment, has agreed to acquire Picolight, a Louisville, Colo. maker of optical switch equipment for $115 million.

It may pay an additional $10 million in cash depending on whether the company hits sales targets this year, JDS, of Milpitas, Calif., said.

Picolight had raised about $125 million, but was then restarted in 2003 after the telecom sector went through recession.

Investors included Charles River Ventures, Cisco, Kestrel Management, Investor Growth Capital, Scale Venture Partners, Orix Capital, Pequot Capital, St. Paul and Vesbridge Partners. Few of them made money because the majority of money was invested before the restart, and so was made worthless.