So Much For Procket

from the that-didn't-last-long dept

At the bottom of the down years in technology, there were still a few companies that managed to raise lots of money at insane valuations and have dot-com insanity-style stories. One of the biggest was Procket. When news first came out about the company they were still in "stealth" mode (oh so very dot com), but had a $1.55 billion valuation. As stealth as they claimed to be, everyone knew they were working on the next generation of "super router" to be the next Cisco or Juniper. The company has gone on something of a soap opera ride since then, with more executive shakeups that you should bother counting. Om Malik started the story buzzing today after hearing that someone was looking to buy up Procket, and it didn't take long for the rumors to get picked up elsewhere: Cisco has bought some of their assets for $80 million. From $1.55 billion to $80 million in about two years. That takes talent.
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  • identicon
    Jeff R, 11 Jun 2004 @ 8:33am

    No Subject Given

    The talent comes from getting people to say they had a valuation of $1.55B without laughing. If you're still in R&D mode, that's a pretty mighty feat. $80m, while much smaller is still probably a very good profit for those invested...

    reply to this | link to this | view in chronology ]

  • identicon
    eeyore, 11 Jun 2004 @ 12:38pm

    memories

    Remember when people talked about "burn rate" like it was a good thing?

    reply to this | link to this | view in chronology ]

  • identicon
    Tony Li, 11 Jun 2004 @ 5:43pm

    A nit


    It was 4 years, and while the bubble was bursting, sliding valuations were the norm.

    Tony

    reply to this | link to this | view in chronology ]


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