StartupNorth » Novell acquires PlateSpin for $205M http://startupnorth.ca/#__lsa=f71222f4 Canadian Startup Community Fri, 18 May 2012 16:34:12 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Novell acquires PlateSpin for $205M http://startupnorth.ca/2008/02/26/novell-acquires-platespin-for-205m/#__lsa=2d6bfa6c http://startupnorth.ca/2008/02/26/novell-acquires-platespin-for-205m/#comments#__lsa=2d6bfa6c Tue, 26 Feb 2008 18:27:58 +0000 Jonas Brandon http://www.startupnorth.ca/2008/02/26/novell-acquires-platespin-for-205m/ ]]>

Novel PlateSpin LogoPlateSpin, based in Toronto, has entered into a definitive agreement to be acquired by Novell for $205M. The company, which makes a suite of solutions for the server virtualization market, was founded (for the second time) in 2003. You see, PlateSpin is a restart.

PlateSpin1 was founded in 2000, raised $1.9M in 2002, and closed up shop in 2003. PlateSpin2 was restarted with new management in 2003, raised $3.5M from Toronto venture funds Covington Capital, Castle Hill Ventures, Skylon Capital, and Four Quarters, and another $7M in 2005 from Insight Venture Partners of New York.

Word is that PlateSpin2 had trailing revenue of $20M, and that Citrix, Microsoft, and Unisys were all vying for the prize. Congrats to PlateSpin and its backers on the Novell acquisition. We’re chalking this up as a win. While it doesn’t put PlateSpin on the road to VMware glory ($22B, P/S 16.84) it is a solid exit for all involved… especially the funds. I am guessing they cut a nice slice of pie as part of the restart.

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