(August 31 – 12:45 ET) – VenGrowth has announced that Waterloo-based PixStream Incorporated has agreed to be acquired by San Jose, California-based Cisco Systems, Inc.
The VenGrowth I Fund, in exchange for its 13.3% stake in PixStream, will receive common shares in Cisco once the transaction is completed. The aggregate value of the transaction is approximately C$554 million.
PixStream develops, manufactures and globally markets hardware and software solutions that enable network service providers and enterprises to reliably distribute and manage digital video. PixStream solutions transport high-quality video and audio over broadband networks, optimizing bandwidth and enabling customers to introduce leading-edge video services and applications.
“In terms of dollar value, this deal represents the largest realized gain for VenGrowth, and the fifth largest acquisition ever of a Canadian technology company,” says Michael Cohen, one of the Managing Directors at VenGrowth.
-IE Staff