It wasn’t supposed to end this way for Aprisma Management Technologies.
The Portsmouth, N.H., maker of applications and system management software, and Enterasys Networks subsidiary, had planned to spin out and go public.
But as the economy languished and its parent became mired in an accounting scandal, securing
its own ticker symbol became impossible.
So, in a move that “simplified the Enterasys business and brings more clarity to our financial statements,” Aprisma was quietly sold to Gores Technology Group a Los Angeles buyout firm specializing in IT.
Financial terms were not disclosed.
“Enterasys and Aprisma are moving forward unencumbered in their respective markets and with a greater focus on networking products and solutions for the
enterprise,” Bill O’Brien, Enterasys CEO said in a terse statement after markets closed Monday.
Enterasys, based in Rochester, N.H., hopes the sale, combined with cost cuts and a campaign
to limit damage from the accounting debacle, will speed its recovery. Enterasys and Aprisma are among three firms spun out of networking giant Cabletron. The third
is Riverstone Networks.
So far, GTG has not commented publicly on its plans for Aprisma and a spokesperson was not immediately available to comment.
According to its site, GTG specializes in buying IT firms with revenues between $10 million and $1 billion. It usually take full ownership and the pickups, like in the
case of Aprisma, are often divestitures from larger companies.