IPWireless, a wireless communications company reportedly backed by US-based defence companies Lockheed Martin and Northrop Grumman, has been sold to General Dynamics for an undisclosed sum.
IPWireless was acquired in 2007 by NextWave Wireless for at least $150m, but was subsequently sold back to its founders for less than $2m, according to a comprehensive article in Dow Jones Venture Wire, which rounds up the company’s history.
The business subsequently secured $15.5 million in Series A funding in a Spark Capital-led round. Dow Jones VentureWire said Lockheed Martin and Northrop Grumman also backed this round.
VentureWire added the company had previously raised $235m from other investors, before it was acquired by NextWave Wireless.