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Vitesse Agrees to Trade Common Stock for Sitera Ownership

May 02, 2000|BARBARA MURPHY

Vitesse Semiconductor Corp. in Camarillo has agreed to buy Sitera Inc. for $750 million in common stock.

The transaction is expected to be completed by June 30.

Sitera was founded in November 1996 and develops hardware and software products to provide Internet traffic management, traffic classification, policy enforcement and guaranteed delivery.

"Sitera has assembled a very talented team, bringing additional networking and development expertise with innovative products to Vitesse," said Lou Tomasetta, president and CEO of Vitesse.

In other news, the company announced that professor Vincent Chan has been elected to its board of directors. Chan is on the Massachusetts Institute of Technology faculty as the Joan and Irwin Jacobs professor of electrical engineering and computer science and aeronautics. He is concurrently the director of MIT's Laboratory for Information and Decision Systems.

Vitesse designs integrated circuits for the telecommunications, data communications and test equipment manufacturing industries.

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