UAE Based Startup Sphere Networks To Be Acquired By Major Taiwanese Manufacturer

| Sep 3, 2009 | comment 6 Comments

Sphere NetworksSphere Networks is currently in acquisition talks with a major Taiwanese manufacturer to sell off the majority of the company, including the intellectual property rights to its network management software technology, supporting research and development team.

Sphere Networks is a developer of enterprise-level network management solutions, that allow organizations to monitor and control thousands of nodes at any one time.

The name of the acquiring company hasn’t been disclosed, but Mohamed Hamedi, CEO and founder of Sphere Networks said that the potential buyer is “the largest OEM hardware manufacturer for networking equipment” in Taiwan. It produces switches, routers, access points and similar products mainly for other vendors, but now wants to start shifting to producing its own-brand products.

After the official announcement Sphere Networks will be fully folded into the acquiring company, including its IP, technology and supporting technical team of 20 employees. It is expected that staff working in sales and human resources will be cut as a result of the process though.

The company was launched in 2005 by Mohamed Hamedi, a Libyan national who moved from the US to Dubai to start the company and personally bankrolled it, until Dubai Silicon Oasis Authority invested in the startup in 2006, and then another investment by Intel Capital followed in 2008. The values of both of those investments were not disclosed.

As part of an earn out agreement, Hamedi should continue to work with Sphere Networks for up to 18 months following the deal.

[Source: ITP]

  • http://www.almsaodi.com/ Amad

    Good stuff.. I've looked into Sphere before, and their solutions were impressive. Not your typical Arab copycat solutions :)

    Good Job Sphere !

  • mardawi

    Congrats Mohamed! Very happy for you.

  • mardawi

    Congrats Mohamed! Very happy for you.

  • Mohamed Hamedi

    Hi,
    Sorry for taking so long to comment, but you all can image how crazy it has been.
    It's been a long road since starting Sphere Networks and along the way I met and had support from many wonderful people, whom without I couldn't achieve what I did.

    I hope to keep you all updated on my next steps, I have a couple of new projects that I am looking at.

    Best regards,

    -Mohamed

  • Murali

    I learned that you never ever give up. I'm so happy for you, CONGRATS!

  • http://www.jobsindubai.com/ Dubai Jobs

    Congrats Mohamed.. I'm really happy for you.. I'm really inspire with this.. thanks for sharing,,

Sign up for StartUpArabia news sent to your inbox:
 
Subscribe: Feed