Austin software developer CacheIQ acquired by California company
Nov 15, 2012 (Austin American-Statesman - McClatchy-Tribune Information Services via COMTEX) --
Austin software startup CacheIQ has been acquired by California data storage equipment maker NetApp Inc.
NetApp, based in Sunnyvale, Calif., did not disclose financial terms of the deal.
CacheIQ, which was co-founded by Austin software veteran Joel Trammell, develops data storage software. The two-year-old company derived its product from intellectual property it purchased from the defunct Austin-based StorSpeed Inc.
In 2011, CacheIQ raised $6 million from 27 private investors. Trammell said at the time that the company had planned to raise venture capital, but shifted gears when venture investors showed little interest in enterprise software deals.
"I reached out to 50 people I knew and encouraged them to reach out to the angel community," he said, adding that CacheIQ's investors were "a collection of folks around the country, most all with experience in technology in one way or another."
Trammell previously founded NetQoS, a network performance management software company that was acquired by software industry giant CA Technologies Inc. for $200 million in 2009.
CacheIQ had 14 employees last year. NetApp declined to say how many people CacheIQ currently employs, but said it plans to retain the workforce in Austin.
Founded in 1992, NetApp has more than 12,100 workers worldwide. The company, which competes with EMC Corp., Hewlett-Packard Co. and IBM Corp. in the storage equipment business, said it will integrate CacheIQ's intellectual property into its product offerings.
CacheIQ is the second Austin software company to be acquired by a larger player this month. Austin-based anti-virus software maker CoreTrace Corp. said last week that it has been bought by Arizona-based Lumension for an undisclosed price.
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