Sphere sale completed
UAE-based network software developer finalises takeover – official announcement due next week
Further details of Sphere Networks' take-over by an unnamed Asian networking hardware firm are expected next week following confirmation by the UAE-based outfit's CEO that the transaction has now been completed.
Mohamed Hamedi, who is also the founder of the company, said acquisition talks had now been completed and the new Taiwanese owner would officially announce the deal once internal communications had been satisfied during the next few days.
"It is all done and dusted but we haven't formalised how we are going to announce the company yet," explained Hamedi, who said the suitor was one of Taiwan's largest OEM network hardware makers when news of the tie-up first emerged earlier this month.
Sphere will continue to run R&D and technical operations out of Dubai, but the team and technology will be folded into the brand name of the new owner, according to Hamedi.
"What they have done is actually acquired the technology and they are integrating it as part of their product portfolio," he said. "Traditionally the company has been very hardware-focused, doing a lot of OEM work for the major vendors. They are going to use our technology as a differentiator to start putting their foot into the brand business and begin competing with other networking vendors."
Sphere was formed four years ago and has since received investments from Dubai Silicon Oasis Authority and Intel Capital. The company develops a suite of network management products for enterprise-level organisations.