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Print Edition StoriesTuesday, December 30, 2008
Simpler Networks bought out of receivership
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A Canadian company backed by local venture capital firms, Simpler Networks Inc., has been acquired by an undisclosed buyer.
Simpler Networks, a company providing technology for the automation of copper distribution frames for local service providers, received backing from a number of U.S. and Canadian firms, including Highland Capital Partners of Lexington, Waltham firms Kodiak Venture Partners and Summerhill Venture Partners, as well as Hercules Technology Growth Capital, which has an office in Boston.
Hercules had loaned Simpler approximately $5 million in senior secured notes. The firm said that it had received an initial repayment of $1.8 million following the sale, and expects an additional $1.1 million in early 2009. Hercules officials said it expects to recognize a realized loss of approximately $1.6 million on the transaction in the fourth quarter of 2008.
Simpler had raised more than $98 million in venture funding since 2001, and had been placed under Canadian Receivership prior to the sale.
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