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StoneFly Officially Lands in DNF

One of the first IP SAN startups has been landed, following weeks of casting.

Dynamic Network Factory (DNF), a small systems company based in Hayward, Calif., today confirmed that it has acquired StoneFly, which will become a wholly owned subsidiary of DNF and continue to be based in San Diego.

News of the acquisition comes nearly two months after DNFs CEO insisted he was only making an investment and had no interest in running the iSCSI startup. (See StoneFly Fights for Survival.)

Seven weeks ago, Stonefly notified its shareholders that DNF planned to pay $205,000 for Stonefly’s assets. StoneFly execs said the startup had been looking for buyers since July and had received offers from DNF and another private company in northern California. A subsequent letter reported that the company -- formerly known as StoneFly Networks Inc. -- had dissolved. It has since reincorporated as Stonefly Inc.

When the letter went out, DNF CEO Mo Tahmasebi told Byte and Switch he intended to keep Stonefly as an independent company.

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