LAN security provider Nevis short circuits, sells assets
Nevis Networks, provider of products used to secure local-area networks, has filed for bankruptcy after a drop in demand. Based in Mountain View, Calif., the company has also come up against tough competition from Microsoft and Cisco Systems. It will offload $500,000 in assets, but it owed $50 million to 49 creditors, reports VentureWire.
Nevis had raised $32 million in capital from BlueRun Ventures, New Enterprise Associates and NewPath Ventures. It isn’t the only network control company that has had a rough time lately. Both Lockdown Network and Caymas Systems went belly up last year.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
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