US-based wireless network equipment provider PowerCloud Systems has been acquired by media and technology company Comcast for an undisclosed figure under $50m, TechCrunch reported on Monday.
The acquisition will provide an exit for Qualcomm Ventures, the corporate venturing division of telecommunications equipment maker Qualcomm, which backed the company in its $6m series B round in 2011. Other exiting investors are Walden Venture Capital, Javelin Venture Partners and Palo Alto Research Center (PARC).
Comcast reportedly acquired PowerCloud to offer new services to its audience, and will incorporate PowerCloud’s technology into its products from 2015.
PowerCloud is the developer of Skydog, a software product that enables users to monitor broadband usage and modify how it is used in their homes and small businesses. It was founded in 2008 as a spinout from PARC, the research and development subsidiary of printing technology company Xerox.