Gururaj Deshpande's Sycamore Networks to Shut down Operations
Bangalore: One of the most prominent and top tech entrepreneurs from India in the Silicon Valley, Gururaj Deshpande would be shutting down his company, Sycamore Networks, reports rediff.com.
Deshpande is also a relative of Infosys founder N R Narayana Murthy. He rose to fame with Sycamore’s listing and is also a popular angel investor. Tejas Networks is one of the companies in Bangalore that he has invested in.
Sycamore Networks is a NASDAQ listed company that develops and markets bandwidth management solutions for fixed line and mobile network operators across the world. It rose into fame during the technology bubble and had a whopping market capitalization of $18 billion.
Sycamore announced its closure as its board of directors had approved the liquidation and dissolution of the company. The complete process of dissolution and liquidation would follow after completing the sale of all assets.
Daniel E Smith, President and CEO, Sycamore said "After careful consideration of the company's strategic alternatives, we believe these actions are in the best interests of Sycamore's stockholders, as well as its customers and employees.”
The company announced that it signed an agreement with Marlin Equity Partners for $18.75 million. Daniel also said that, "We are pleased with Marlin's decision to acquire our intelligent bandwidth management business operations, which will provide for continued support of our global customer base."
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