Seattle-based F5 Networks Inc. announced Monday it acquired LineRate Systems, a Louisville-based software defined networking services provider founded off technology developed at the University of Colorado.
Financial terms of the deal were not disclosed.
Steve Georgis, CEO of the venture-backed LineRate, declined to discuss specifics about the agreement, but said the transaction was significant.
F5 will retain LineRate’s office and 20-person workforce in Louisville, Georgis said.
In their announcement, officials for F5 Networks (Nasdaq: FFIV) said the transaction not only would allow them to gain access to LineRate’s networking technology, but also the firm’s intellectual property and engineering talent.
“F5’s vision is to enable application-layer SDN services for software defined data centers, providing our customers with unprecedented automation, orchestration, and control,” said Karl Triebes, F5’s executive vice president of product development and chief technology officer. “Extreme scale of applications, infrastructure, and services will be vital to SDN, core to F5, and the key to customers realizing the benefits of software defined data centers. LineRate’s programmable network capabilities and innovations in layer 7 will bolster our efforts to extend F5’s market leadership in these areas, and we are very pleased to welcome the LineRate team to F5.”
LineRate was spun out of the University of Colorado-Boulder in 2010 and operated in stealth mode until April 2012.
Backed by local investors, including Boulder Ventures, LineRate raised $5.4 million in venture capital since its founding.