Tuesday, August 5, 2008

Novera Optics Acquired By LG-Nortel

Santa Clara-based Novera Optics, a developer of optical networking hardware, has been acquired by LG-Nortel, the joint venture of LG Electronics and Nortel. According to Nortel, the deal was worth approximately $16M in cash, plus up to $10M in earn out, including employee retention and transaction costs. Novera Optics was backed by Enterprise Partners, Redpoint Ventures, SDL Ventures, Meritech Capitl Partners, Octane Capital Management, KTB Ventures, Saints Capital, Storm Ventures, KAIST, Agilent Technologies, Lake Street Partners, KLM Capital Group, and Essex. The firm had raised more than $70M in venture funding, including its last round, worth $7.4M, in March of 2006.