Israeli startup AtriNet buys itself out from parent firm NSN
AtriNet has spun itself off from its mother company to become an independent entity. In a unique twist of startup fate, the Israeli firm has exited from the local unit of Nokia Solutions and Networks (NSN), according to The Times of Israel.
Under the terms of the deal, the new startup will continue to develop the Carrier Ethernet Transport (CET) service lines that it had been developing for NSN when the latter underwent an extreme downsizing, the report detailed.
According to AtriNet Chief Executive Officer (CEO) Efi Levy, they could not afford to just drop the technology that they had initially developed. So co-founders Levy, Ohad Kamer and Meir Bon-Moshe teamed up to close a management acquisition of the startup for an undisclosed amount. They raised funding to purchase their exit from their parent firm, the report explained.
Levy said: "As a company, we believe that companies around the world will see the NFV (Network Function Virtualization) and SDN (Software-Defined Networks) solutions that we are developing as ways for them to manage their networks more easily. There is demand for the products and technologies we have worked on, and we want to continue moving that technology forward."