One of BCBusiness magazine's Best Companies to Work For in B.C. has been scooped up by an Israeli security solutions tech firm.
Strangeloop Networks, headquartered in Vancouver, announced on Feb. 7 that it is now part of Radware, a Tel Aviv-based application firm that specializes in bolstering the efficiency and security of cloud and virtual data centres.
Joshua Bixby, president of Strangeloop, says Radware paid 100 per cent of Strangeloop's equity—meaning $8.4 million in cash and up to an additional $6 million in earnout.
Strangeloop's Site Optimizer, its bread-and-butter product which accelerates web page loading times in browsers, was one of the primary attractions for Radware. Combining the two companies will deliver more speed and security to their now-shared client set.
"By accelerating the web application response time of an enterprise, Radware can enhance their business performance as well as employee productivity," Bixby says. "Combining Strangeloop's offerings with Radware, a recognized market leader in application delivery solutions, will enable clients to outpace their competitors on speed, reliability and overall performance."
When asked how the acquisiton would affect Strangeloop's 45 employees, Bixby said Radware's headcount would increase by 20 and wouldn't comment further. Bixby himself will continue with Radware as the vice president of application acceleration.
Strangeloop has also assured its customers via its blog that they wouldn't experience any service disruption during the transition process.
The company counts major ecommerce sites and SaaS providers such as Wine.com, Visa, PetCo and O'Reilly among its clients.