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Print Edition StoriesTuesday, December 30, 2008
VoIP competitors Sylantro and BroadSoft consolidate
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After raising more than $116 million from venture backers including Summerhill Venture Partners of Waltham, Sylantro Systems Corp. of California has been bought by competitor BroadSoft Inc. of Gaithersburg, Md. for an undisclosed amount.
Sylantro Systems is a provider of Voice-over-Internet Protocol (VoIP) applications, based in Campbell, Calif. Broadsoft, also a VoIP application company, has raised more than $76 million in venture funding, and counts among its backers local firms Bessemer Venture Partners of Wellesley and Charles River Ventures of Waltham.
According to Boradsoft president and CEO Michael Tessler, Sylantro has been a strong competitor of BroadSoft for 10 years. Terms of the transaction were not released.
Founded in 1970, Charles River Ventures has approximately $2.1 billion under management. Among the companies in CRV’s portfolio are Cedar Point Communications Inc. of New Hampshire and Nantero Inc. of Woburn.
Bessemer Venture Partners was founded in 1911. The firm specializes in investments in early-stage technology companies and operates offices in New York, California, China, Israel and India.
Last year, Bessemer raised the second-largest fund in the nation, attracting $1.3 billion in capital. The firm was also the third most active investor in New England during 2007, closing 38 deals, according to Dow Jones VentureSource.
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