Movaz Networks Inc., one of the most heavily-funded private companies in Georgia history, will be bought by a German company for $76 million -- substantially less than Movaz has raised in private equity since being founded in 2000.
ADVA Optical Networking will buy the Norcross maker of fiber-optic equipment for $6 million in cash plus about 6.5 million shares of ADVA common stock. The sale is expected to close in July.
ADVA (Pink Sheets: ADVOF) said a majority of Movaz's 150 employees will be integrated into ADVA's North American organization. The Norcross facilities will become an ADVA distribution and engineering site.
Movaz, which has raised at least $180 million in venture capital over its lifetime -- including a $20 million round during the first quarter this year -- was expected by many in Atlanta's tech community to go public in 2005. Investors include cable company Comcast Corp.'s venture capital fund, Menlo Ventures, Oak Investment Partners and others.
Movaz CEO Bijan Khosravi recently told trade magazine Light Reading that the first quarter venture deal would propel Movaz into a $100 million company. With 2003 revenue of $37.1 million, the company won an award in 2004 as having the fastest revenue growth of any Georgia-based proprietary technology company.
Movaz's customers include telecos, cable network providers, research and educational organizations and government agencies.
原文网址：http://www.bizjournals.com/atlanta/stories/2006/06/05/daily17.html
