Three California based NRIs Sam Srinivas, Shyam Davuluru and Surya Koneru -- are selling Neoteris, an Internet security company, to Netscreen Technologies. The deal which was agreed on Monday was for a whopping figure of $295 million. Sunnyvale-based Nasdaq-listed company NetScreen outbid three rivals for 3 1/2-year-old Neoteris.
Neoteris which was formed in May 2000 by the three NRIs is currently a 160-employee company. The company introduced its first products in November 2001 which quickly made its mark with a technology that lets employees working outside the office get access to their companies' computer networks through Web browsers. This approach became popular among businesses looking for simple and cheaper alternatives to the "virtual private networks" widely used for remote access to computer systems.
As part of the deal Netscreen has agreed to pay $245 million in stock and $20 million in cash. However, another $30 million will be paid upon reaching specified milestones, which are still being worked out.
All the founders of the company have also been offered key positions in Netscreen. While Sam Srinivas will become vice-president (product management) of Netscreen, Shyam Davuluru will be the director (engineering) and Surya Koneru will be the company’s senior architect. Krishna ‘Kittu’ Kolluri, who is the president and CEO of Neoteris, will join Netscreen as vice-president and general manager.
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