In December 2002, CNT (Nasdaq: CMNT) signed an OEM agreement with high-end SAN switch startup Sanera Systems Inc., according to documents McData Corp. (Nasdaq: MCDTA) filed with the SEC on Monday.
At this point, however, industry observers expect the CNT/Sanera deal to be eventually terminated or allowed to expire, now that McData has acquired Sanera and CNT has bought Inrange Technologies (see CNT Digests Inrange and McData Sweeps Up Nishan, Sanera).
McData this week acquired Sanera along with IP storage switch maker Nishan Systems Inc. McData paid $102 million in cash for Sanera (not including the approximately $10 million cash on hand Sanera has). Sanera had received around $76 million from its VCs, with a commitment for an additional $25 million (see Can $35M Save Sanera?).
A description of McData's agreement to acquire Sanera in McData's 8-K report -- filed with the SEC on Aug. 25 -- refers to "deferred revenue related to the payments made pursuant to the OEM Agreement between the Company [Sanera] and Computer Network Technology Corporation [CNT] dated as of December 3, 2002."
CNT spokeswoman Jennifer Weidauer confirmed that the two companies had an agreement, which she says is still in effect. But she says according the agreement, CNT cannot disclose the terms without Sanera's permission.
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