Under the terms of the deal, Cisco will pay approximately $89 million for select assets of Procket, including its entire portfolio of intellectual property and a majority of the engineering team. The engineers will become part of Cisco's Routing Technology Group. Subject to regulatory approvals, the deal should close this fall.
Procket's sale is the understated coda to the life of a once high-flying technology star. The company, launched in 1999, was once one of the country's most highly valued startups, the result of $272 million in venture funding, and valued in 2002 at more $1.5 billion. The venture wasn't able to procure many customers since launching its first product more than a year ago.
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