Bycast bought by rival NetApp

Posted by Rob Lewis

Sunnyvale's NetApp announced today that it has entered into a definitive agreement to acquire rival Vancouver-based Bycast Inc. in an all-cash transaction.

Founded more than 10 years ago, Bycast has helped more than 250 customers worldwide dramatically improve their operational efficiency and reduce the administrative burden of managing massive quantities of data across multiple geographies.

Bycast extends NetApp's leadership position in unified storage by adding an object-based storage software offering. Object-based storage is a new and emerging approach to storing and accessing data based on object names and rich metadata that describes the content in greater detail, which simplifies the task of large-scale object storage while improving the ability to quickly search and locate data objects.

"We are excited and look forward to joining the NetApp team," said Moe Kermani, CEO of Bycast. "We share a complementary vision and a common dedication to excellence. Together we will offer customers the best-in-class content repository solutions that further their drive toward a unified storage infrastructure."

The all-cash transaction is pegged in the $50-100 Million range leaving Bycast investors Growthworks and BDC Venture Capital likely smiling about this exit.

In 2003 Bycast raised $10 Million of which Growthworks invested a total of $7.7 Million through its Working Opportunity and Access Fund.

Company:
NetApp
Website:
http://www.netapp.com
Location:
Vancouver, British Columbia, Canada

NetApp creates innovative products—storage systems and software that help customers around the world store, manage, protect, and retain one of their most precious corporate assets: their data. We are recognized throughout the industry for continually pushing the limits of today’s technology so that our customers never have to choose between saving money and acquiring the capabilities they need to be successful. more

Company:
GrowthWorks Capital
Website:
http://www.growthworks.ca/vc/
Location:
Vancouver, British Columbia, Canada

GrowthWorks is a recognized leader in the Canadian venture capital industry, specializing in the management and growth of regionally based venture capital funds. GrowthWorks has combined assets under management of more than $800 million. Rolf Dekleer joined GrowthWorks in 2000, bringing eighteen years of operating experience in the technology sector with Cymbolic Sciences, MacDonald Dettwiler, Agilent... more

Company:
BDC Venture Capital
Website:
http://www.bdc.ca
Location:
Montréal, Québec, Canada

With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health and energy/cleantech companies, as well as venture funds, with high growth potential. From seed through expansion to exit, their mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian... more


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more



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