Cirrus Logic Spins Out Nuera Communications Subsidiary; New Investors Include Harbourvest Partners, LLC, And Bay Partners
Fremont, Calif.-- Dec. 22, 1997--Cirrus Logic Inc. has sold NueraCommunications Inc., its wholly owned subsidiary based in San Diego, Calif., to a private group including Harbourvest Partners, LLC of Boston, Mass., Bay Partners of Cupertino, Calif., and Nuera management.
As the result of this transaction, Cirrus Logic will receive approximately $21 million in cash and retain an ongoing equity interest in the company.
Nuera emerged from the Clarity Products division of Pacific Communications Sciences, Inc. (PCSI), a former wholly owned subsidiary of Cirrus Logic, Inc., on Jan. 30, 1996. With support from Cirrus Logic, Nuera began to operate independently to focus on systems, subsystems, and software that leveraged Clarity's years of experience and industry leadership in voice compression, fax and modem relay, packetization, signaling, and echo cancellation. Over its two years in existence, Nuera has posted annual profits and grownfrom 55 to 130 employees.
The spinout of Nuera is consistent with Cirrus Logic's strategy to intensify focus on its core strengths as a manufacturer of system-level integrated circuits.
Return to Headlines