Harmonic Buying VC-Backed Omneon for $274 Million

Harmonic Inc. (Nasdaq: HLIT) has agreed to acquire Omneon Inc., a Sunnyvale, Calif.-based provider of digital content storage and processing systems for media companies. The deal is valued at approximately $274 million, including $191 million in cash and 17.1 million Harmonic common shares. Omneon recently canceled a $115 million IPO, citing "current market conditions." It had raised around $100 million in VC funding since 1998, from firms like Norwest Venture Partners (16.1%), Accel Partners (16.1%), Advanced Technology Ventures (16.1%), Meritech Capital Partners (7.6%), Invesco Private Capital (6.5%) and Lucent Ventures (5.5%).

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