Altiostar Networks, Inc. successfully closed its $50 million offering which was initiated this month. A single investor, believed to be Cisco, subscribed to the non-brokered placement. The company raised an estimated $20 million via two private placements since its foundation.
The stealth company develops solutions for the mobile broadband industry to enhance communications experience and reduce the cost of technology.
Altiostar is led by networking serial entrepreuneur Ashraf M. Dahod who was behind Applitek, Sigma Networks Systems, NetCor Systems and Starent Networks. NetCore, founded in 1996 and backed by an impressive roster of venture capital firms, was sold within three years to Tellabs for $575 million in stock. Starent Networks, founded in 2000, was sold for $2.9 billion in cash to Cisco in 2009. The company, headquartered in Tewksbury MA, was registered in 2011. Altiostar Networks elected not to disclose its revenues. The board of directors includes Kwabena D. Akufo, Paul Milbury, Kelly Ahuja (Cisco) and Yoav Samet (Cisco).
Status: Completed/Final close
Company: Altiostar Networks, Inc.
Amount offered: $50,000,000
Amount placed: $50,000,000