Thursday, May 29, 2008

PeerMeta ports name to Azuki Sytems, rolls out first product

By Efrain Viscarolasaga

PeerMeta Inc., an Acton-based startup launched last fall by Acopia Networks Inc. founder Cheng Wu, is changing its name to Azuki Systems, Inc. and launching its first product, an interactive mobile media services platform.

The company is expected to announce both moves next week.

While the company was launched last September, with $6.6 million in venture backing from Boston-based Sigma Partners and Waltham-based Kepha Partners, executives have been secretive regarding the company’s product plans. At the time of the company’s launch, Wu said only that the company’s software would create a “virtual content environment, agnostic of content source, network or end device.”

With the launch of the new product, the company has taken the first steps to fulfilling its promise.

Wu’s history in bringing startups to exits is well-known, having founded ArrowPoint Communications Inc. (acquired by Cisco Systems Inc. for $5.7 billion), Arris Networks Inc. (acquired by Westford-based Cascade Communications Corp. for $217 million) and Acopia (acquired by F5 Networks Inc. for $210 million).

In December, the company brought in former IBM Corp. executive and DataPower Technologies Inc. CEO Jim Ricotta to act as the company’s first CEO.