SRI International to Acquire PacketHop, Inc.
PacketHop to Leverage SRI's Heritage in Research and Development, Expertise in Technology Licensing, and Relationships with Commercial and Government Organizations
REDWOOD CITY, Calif. - July 12, 2007 - PacketHop®, Inc., a provider of wireless IP video networks, mesh communications systems, and multimedia applications, announced today that SRI International, a nonprofit research and development organization and founder of PacketHop, will acquire the company, pending completion of the transaction. PacketHop's existing investors – U.S. Venture Partners, Mayfield, ComVentures, and GF Private Equity Group – will continue to have a financial interest in the company.
To drive growth and expand into new and emerging markets, PacketHop will leverage SRI's management and innovation expertise to pursue current business opportunities and explore new avenues for its technology and products within consumer, enterprise and government markets worldwide.
The transaction is expected to close during the third quarter of 2007. Financial terms are not being disclosed.
Founded in 1946, SRI has a rich history of research and development, expertise in technology licensing, and numerous commercial and government relationships and contracts. SRI, the initial investor in PacketHop, granted the company broad rights to several of its wireless mesh networking patents.
Since 2003, PacketHop has participated in several successful deployments with public safety agencies including those in Lakewood, N.J., Long Beach, Calif., and San Francisco, Calif. These deployments, and others, have demonstrated market demand for mesh-based applications in the video surveillance, municipal government, transportation, public safety and private security markets.
For more information, visit: www.packethop.com or and www.sri.com.
About SRI International
Silicon Valley-based SRI International (www.sri.com) is one of the world's leading independent research and technology development organizations. Founded as Stanford Research Institute in 1946, SRI has been meeting the strategic needs of clients for 60 years. The nonprofit research institute performs client-sponsored research and development for government agencies, commercial businesses, and private foundations. In addition to conducting contract R&D, SRI licenses its technologies, forms strategic partnerships, and creates spin-off companies.
About PacketHop
PacketHop is a leading provider of intelligent wireless video networks and multimedia communications systems. PacketHop's technology increases the range, functionality, mobility and accessibility of video surveillance systems and enables mobile broadband communications. PacketHop's video networks are optimal where wiring is not feasible or cost effective, or where direct access to video by private and public safety agencies is critical. The company's patented video management technology proactively optimizes bandwidth to deliver superior video quality, and its multimedia applications suite enables significantly enhanced situational awareness. These unique capabilities are applicable to the business, public safety and government and transportation markets. PacketHop's solutions are available worldwide through industry leading resellers and integrators. For more information, visit: www.packethop.com or send email to info@packethop.com.