Dexterra sold to Antenna |
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Last Tuesday, TechFlash broke the news that Dexterra -- a Bothell mobile software company backed with more than $106 million in venture funding -- was nearing a sale to its New Jersey rival: Antenna Software. At the time, neither company was talking.
But today, Antenna officially announced the acquisition in a press release, saying the combined company will "set a new standard for enterprise mobility."
Antenna didn't disclose the purchase price, but we had heard from a knowledgeable source that Dexterra was selling for as little as $18 million. One source told TechFlash last week that "no one is making money off of this deal."
What's unusual about the $18 million figure is that Dexterra raised $21.5 million in venture funding from lead investor New Enterprise Associates and others last fall, with a partner in the Silicon Valley firm expressing confidence in Dexterra's prospects at that time.
Dexterra, which employed 145 people as of last fall, has laid off dozens of workers in recent months, according to sources.
It was unclear exactly how many workers are left, and attempts to reach Antenna Software Sunday night were not successful. However, press materials posted on Antenna's Web site indicated that the company had hired "the majority" of Dexterra's employees. Antenna also said it planned to assume the Dexterra offices in Bothell, Toronto and Reading, United Kingdom.
Antenna -- which closed the transaction on June 10 -- also said that the acquisition was a stock purchase that brought along customers, intellectual property and channel partnerships. It plans to support Dexterra's customers as part of the deal.
Here's why Antenna said it purchased Dexterra:
It is well known that down economies generate opportunities for strong companies to gain market share. Dexterra is a well-established company in the mobile enterprise space with a global customer base, deep field services expertise, and a proven channel- enablement strategy and reseller network. We are effectively bringing together two leaders with complementary strengths to unlock greater market potential.
We have an email into Antenna to see if we can get more information, and will update this post as we get it.
Antenna is backed by Polaris Venture Partners, North Bridge Venture Partners and Commonwealth. Dexterra -- founded in 2002 by Rob Loughan -- raised capital from New Enterprise Associates, Canaan Partners, Intel Capital, Mesirow Financial, Motorola, Sigma Partners and others.
John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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