Simpler Networks Is Sold

Simpler Networks, a Canadian provider of technology for the automation of copper distribution frames for local service providers, has been acquired by an undisclosed buyer. The news was announced by Hercules Technology Growth Capital, which had loaned Simpler approximately $5 million in senior secured notes. The only financial terms disclosed were that Hercules had received an initial repayment of $1.8 million, and expects an additional $1.1 million in Q1 2009. Simpler had raised over US$98 million in total VC funding since 2001, from firms like Fonds de Solidarite des Travaileurs du Quebec, Highland Capital Partners, Kodiak Venture Partners and Summerhill Venture Partners.

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