Zeugma assets acquired by Tellabs
Yesterday Illinois-based Tellabs announced that they are coming to Vancouver to open a mobile Internet R&D office and that they have acquired an R&D team, technology and intellectual property from Zeugma Systems.
“To help our mobile customers succeed, we’re adding more IP expertise to enable the smart mobile Internet,” said Rob Pullen, president and CEO. “Vancouver offers a unique talent pool that can accelerate our delivery of differentiated solutions to customers. We welcome our new employees to Tellabs.”
“We’re delighted to complete our agreement and welcome Tellabs to Vancouver,” said Andrew Harries, President & CEO, Zeugma Systems Inc. “Our agreement enables Tellabs to utilize significant intellectual property and add to its team of developers focused on mobile Internet solutions.”
Terms of the agreement were not disclosed "for competitive reasons" but we do know that Tellabs has acquired substantially all of the assets of Zeugma and that Harries will be leaving the company.
In March of 2009, Techvibes reported that Zeugma had closed approximately $9 Million as a part of its Series C funding round bringing the total funding to date to $50 Million. Investors included Ventures West, GrowthWorks Capital, Yaletown Venture Partners, and BC Advantage Funds.
At the time, Zeugma noted that the funds would be used to fund for global expansion of its sales and support activities as well as for continued R&D.
Since Tellabs is a Nasdaq traded company (symbol: TLAB) - it's only a matter of time before we find out how much Zeugma actually cost them and how much it may of cost its local VC investors.
