Computer manufacturer Hewlett-Packard (HP) agreed yesterday to acquire Contextream, a US-based IT infrastructure company backed by cable service Comcast and telecommunications company Verizon.
The financial terms of the deal have not been disclosed, but Contextream will become a part of HP’s Communications Solutions Business unit post-acquistion. Nachman Shelef, Contextream’s current CEO, chairman and co-founder, will be in charge of the integrated team at HP.
Contextream provides software-defined network virtualisation technologies to internet service providers, enabling them to manage network features such as firewalls through the cloud, rather than investing in dedicated, expensive hardware.
Contextream had secured a total of $29m in funding, though it has only disclosed details about its $14m series B round raised in 2010, which was led by Comcast’s corporate venturing unit at the time, Comcast Interactive Capital.
The series B round also featured Verizon’s corporate venturing division Verizon Ventures and asset management arm Verizon Investments, as well as Norwest Venture Partners, the venture capital firm managing funds for bank Wells Fargo.
VC firms Benhamou Global Ventures, Gemini Israel Funds and Sofinnova Ventures also participated in the series B round.