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New Enterprise Associates, Shasta Ventures and Intel Capital to sell stake in Arch Rock to Cisco Systems
Sep 06, 2010 (Datamonitor Financial Deals Tracker via COMTEX) --
New Enterprise Associates, Inc. (NEA), Shasta Ventures and Intel Capital have agreed to sell their stakes in Arch Rock Corporation, a wireless network technology for smart-grid applications, to Cisco Systems, Inc. All the entities are based in the US.
Cisco Systems is a designer and manufacturer of Internet protocol (IP)-based networking and other products for communications and information technology.
Upon completion of the acquisition, Arch Rock team will become part of Cisco's smart-grid business unit.
The acquisition is expected to close in the second half of calendar year 2010.
Fenwick & West LLP is acting as advisor to Cisco.
Deal Type Venture Finance
Sub-Category Exit
Deal Status Announced: 2010-09-02
Deal Participants
Target (Company) Arch Rock Corporation
Acquirer (Company) Cisco Systems, Inc.
Deal Rationale
Arch Rock will accelerate Cisco's ability to facilitate the utility industry's transition to an open and interoperable smart grid by enabling Cisco to offer a comprehensive and secure advanced metering infrastructure solution that is fully Internet protocol (IP)-based end-to-end smart-grid offerings and open-standards based.
The acquisition further positions Cisco as a strategic partner to utilities working to better manage power supply and demand, improve the security and reliability of energy delivery, and optimize operational costs. The acquisition also complements the recent strategic alliance between Itron and Cisco to develop solutions that enhance smart-metering technology.
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