CHELMSFORD — A new private company whose assets are comprised of the former Sycamore Networks Inc.’s bandwidth-management business has been launched.
The new company is called Sycamore Networks Solutions Inc.
Marlin Equity Partners acquired Sycamore’s bandwidth-management product and service business for $18.75 million, as was proposed in October when the former company announced it was winding down its business.
Shareholders formally approved the transaction on Tuesday. They also voted to dissolve the former Sycamore Networks Inc.
The new firm will be led by John Scully as president and chief executive officer. Scully served as Sycamore Networks’ vice president of worldwide sales and support.
“We are very excited about the opportunities we see ahead of us, and look forward to strengthening our relationships with current and prospective customers as we expand the features and capabilities of our solutions portfolio,” Scully said in a prepared statement.
Sycamore Networks Solutions’ business includes optical networking and multiservice access solutions deployed in fixed line and mobile networks around the world, the company said in a press release.
Sycamore Networks was founded in 1998 by serial tech entrepreneurs Gururaj “Desh” Deshpande and Dan Smith, the latter serving as chief executive. It went public the following year, with its shares rocketing to a split-adjusted $184.75 from their IPO price of $38.
A year after that, the dot-com boom crashed, and Sycamore saw its sales begin to plunge as the 2000s progressed.