N2 Broadband, a provider on on-demand entertainment solutions and technology, is being sold.
N2, which had raised $27 million in venture capital, is being sold to Tandberg Television, a developer of video compression and TV technology based in Europe.
The deal is worth up to $130 million in cash and stock.
There is a $3 million breakup provision between the firms for the deal, which is expected to close in the first quarter.
N2Broadband closed on $10 million in C round financing in December of 2003.
Roger Bradford, president and CEO of N2, will become president of Tandberg Television Americas. The merged operation will be based in Atlanta and oversee sales offices in the US and Canada. The group will include 180 employees.
“This is a highly synergistic move that brings together complementary core technologies and market positions for the on-demand world,” said Bradford in a statement. “The combination of N2’s VOD systems with Tandberg Television’s video compression solutions is a natural progression for both companies and will address the needs of the global digital entertainment market for open, scalable solutions. N2 Broadband’s product lines will benefit tremendously from Tandberg Television’s leading position on the world stage and its strong sales momentum with global telco operators.”
N2 Broadband gear is already used in more than 100 cable TV systems with customers such as A&E Networks, Adelphia, Cablevision, Charter, Comcast, Cox, Discovery, Time Warner, Rogers, iN DEMAND, HBO, WWE and Starz-Encore Group
N2 Broadband: www.n2broadband.com
Report: ATV Partner Leaves
William Lyman, a general partner at Alliance Technology Ventures, is no longer with the firm, according to Venture Wire.
Lyman had been with the venture capital firm since 1999 and focused on early stage deals in semiconductors and communications.
Among companies where he sat on boards were Ziptronix and Nitronex, according to Venture Wire.
Tech President Joins National Science Board
G. Wayne Clough, president of the Georgia Institute of Technology, was recently named to the National Science Board by President Bush.
The board includes 24 members and has advised presidents since 1950.
Clough is the second Georgia Tech president to be selected. Joseph Pettit served from 1976-82.
Clough’s appointment will expire in 2010.