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Emulex Gets Steal on Trebia's Carcass

Host bus adapter vendor Emulex Corp. (NYSE: ELX) has acquired the assets of IP storage network processor startup Trebia Networks Inc. for the bargain-basement price of $2 million in cash, according to documents filed with the Securities and Exchange Commission (SEC).

On Oct. 17, 2003, Emulex acquired Trebia's technology assets, which includes multiprotocol storage networking processor architectures and high-performance TCP offload engines (TOEs), Emulex disclosed in a 10-Q filing last week. The purchase price was $2 million in cash, with $500,000 of that amount placed in an escrow account for at least 90 days, the company's filing said.

In August, Byte and Switch reported that Emulex was the leading candidate to acquire Trebia's intellectual property. The Acton, Mass., startup, which was founded in July 2000, ceased operations that month and laid off most of its 38 employees (see Trebia Croaks).

The deal is an outright steal for Emulex, considering that investors had poured more than $40 million into Trebia, whose chips are designed to accelerate IP storage networking traffic (see Trebia Gets Second Wind).

Trebia's investors included Raza Foundries, Allianz of America Inc., Atlas Venture, BancBoston Ventures, Deutsche Banc Alex Brown LLC, Kodiak Venture Partners, and VantagePoint Venture Partners (see Trebia's $40M Secret).

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