Subscribe in a reader
Subscribe to Philadelphia Tech News by Email
One recent transaction I missed involving an area tech company was the acquisition of Marlton-based ONPATH Technologies by Massachusetts-based NetScout Systems, Inc., which was announced on November 1 of last year. In an SEC filing, NetScout said it would pay $40,000,000 for ONPATH minus the cost of any company debt.
NetScout describes ONPATH as "an established provider of scalable monitoring connectivity solutions for high-performance networks that aggregate and distribute network traffic for data, voice, and video testing, monitoring, performance management, and CyberSecurity deployments." NetScout said in announcing the deal that about 45 existing ONPATH employees will be integrated into NetScout’s ongoing operations. NetScout Systems, Inc. (NASDAQ: NTCT) decribes itself as a "market leader in Unified Service Delivery Management enabling comprehensive end-to-end network and application assurance." In its last quarter NetScout reported net income of $11.1 million on revenue of $91.6 million,up from $83.3 million a year ago.
A spinoff from Brocade Communications Systems, ONPATH received reported funding of at least $11.5 million from investors including Blueprint Ventures, GKM Ventures, L Capital Partners and The Carlyle Group. It raised an additional $1 million last year.
With its acquisition, I have removed ONPATH from Philly Tech News' 'Young Companies to Watch' and added Hamilton, NJ-based Billtrust, which recently received a $15 million investment from Bain Capital. A major update and expansion of that list should be out within a few weeks.