Local Hoboken biz sold for $26.6m
Hoboken411 reader Carl mentioned this interesting article from the NY Times.
It seems that even in our tough economic times, if you have a quality product, you can score big time!
Citrix acquires Hoboken-based Vapps
“A venture capital firm selling a small start-up for $26.6 million would be unremarkable during a typical year, but this year is far from typical. On Friday, when Azure Capital Partners announced that it sold Vapps to Citrix Systems, it was a much sought-after exit in a year when exits have been hard to come by.
The most profitable route for venture capitalists to make money off the start-ups they invest in — taking them public — has been closed off as the economy has gone into a tailspin. Conventional wisdom has been that big tech companies can find lots of good deals among the scores of start-ups that are left languishing in investors’ portfolios with nowhere to go. Yet acquisitions have been slow too.
Citrix picked off one of those deals in buying Vapps, which makes high-definition audio conference call equipment for telephones, VOIP or Skype. Vapps fits into Citrix’s workplace collaboration business, which offers products like GoToMeeting for online business meetings.”
Read the rest at the NY Times.