Previously, the startup had allegedly turned down an offer of $5 million from CNT for TrueSAN's intellectual property (see SAN Startups on the Block).
But by mid-March, according to the ex-TrueSAN employee, CNT had reemerged as the only serious candidate to acquire the startup. "We were very close to finalizing a deal with CNT," the source says. "They were the only viable bidder."
CNT, which sells SAN extension devices and provides storage networking consultation services, apparently got cold feet on the deal because it already had a reseller agreement with FalconStor Software Inc. (Nasdaq: FALC) for its virtualization software and didn't want to spoil that deal (see CNT Joins FalconStor Services Program).
"It got very political within CNT," the source says.
After CNT withdrew its bid, TrueSAN's investors -- which include Woodside, Credit Suisse First Boston Corp., Finisar Corp. (Nasdaq: FNSR), JT Venture Partners, Merrill Lynch & Co. Inc., Spring Creek Partners, and QLogic Corp. (Nasdaq: QLGC) -- decided to stop funding the company and, on March 31, laid off most of TrueSAN's employees, our source says. The ex-employee notes that TrueSAN hadn't sold a single copy of the software, because "we never had a product to sell."
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