SEB Venture Capital, the corporate venturing subsidiary of financial services firm Skandinaviska Enskilda Banken, is set to exit Sweden-based software developer Tail-F Systems when it is acquired by computer networking company Cisco in a $175m deal.
Founded in 2005, Tail-F produces multi-vendor service orchestration and network automation software that helps IT businesses implement apps and network services across a variety of devices.
SEB led a €2m ($2.7m) series A round for the company in 2005 as well as a $4m B round in September 2011.
Cisco, which is paying in cash and retention-based incentives, is making the acquisition in order to enhance its cloud virtualisation and service provision portfolio. It plans to close the deal in the fouuth quarter of 2014.