Akorri Selling to NetApp in Cash DealJanuary 12, 2011
Mass High Tech
by Rodney H. Brown
Littleton-based Akorri Networks Inc. has agreed to be bought by California giant NetApp Inc. in an all cash deal for an undisclosed amount.
Privately held Akorri had raised at least $58.5 million total in equity funding, including its most recent round, a $10.1 million Series E round in March 2010. That round was led by new investor Montagu Newhall Associates.
Other investors in Akorri since it launched in 2005 include Matrix Partners and North Bridge Venture Partners, both in Waltham; Bluestream Ventures, a Minnesota venture capital firm; and Globespan Capital Partners, a Boston firm.
Akorri was born as a fairly conventional developer of storage software but changed a few years ago to specifically targeting the virtual infrastructure space.
As recently as last February, Akorri president and CEO Allan Wallack speculated that the company would grow toward an IPO and planned on acquisitions of its own.