News makers:
25 Sep 2000
1
ai: Following in the
illustrious footsteps of several other Indian geeks, Moti Jiandani and his partner, Ajit
Shelat, sold their California-based SwitchedOn Networks in an all-stock deal to the
Nasdaq-listed PMC Sierra for a price of $450 million, which works out to about Rs 2,070
crore. The deal puts Jiandani, president and CEO, and co-owner Ajit Shelat, chief
technology officer of SwitchOn, near the top of the league.
Unlike the earlier high-profile mega-deals, though,
SwitchOn isn’t in the dotcom or B2C space, and PMC Sierra is said to have paid this
amount for the company is because of the proprietary technology that the company has
developed in the networking arena.
SwitchedOn, described as a packet content processor company, has developed a breakthrough
technology for a packet analysis engine.
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