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Article: Ciena to Acquire WaveSmith Networks; Deal to Give the Firm 7 More Customers
- Article from:
- The Washington Post
- Article date:
- April 10, 2003
- Author:
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Ciena Corp. announced yesterday that it agreed to purchase
WaveSmith Networks Inc., a private maker of optical-networking
equipment, for $158 million in stock, a deal Ciena said would help
its flagging sales.
The Linthicum-based company was already an investor in WaveSmith.
In November, it contributed an undisclosed amount to a $30 million
investment in the three-year-old firm, which makes switching devices
used to help transmit data in networks in metropolitan areas.
Acton, Mass.-based WaveSmith had raised a total of $84.5 million,
but by the end of February its cash had dwindled to between $18
million and $19 million.