Axsun Technologies, which develops optical engines for a variety of applications, including optical communications (see, for example, "Axsun Technologies supplies optical monitors for Movaz ROADM"), says it is now under new ownership. Investment firm Anzu Partners has acquired the company from Volcano Corp., a subsidiary of Royal Philips.
Terms of the deal were not disclosed.
Anzu Partners has filled the Axsun corporate coffers with "a significant infusion of growth capital," in the words of an Axsun press release. An affiliate of Anzu Partners also bought the building in Billerica, MA, where Axsun operates.
In the aftermath of the acquisition, Jonathan Hartmann steps up to the CEO role from his prior position as vice president and general manager. Peter Whitney will continue to lead technology and product development as chief Science officer and vice president of engineering. Chris Baldwin remains CFO, and Bill Ahern will continue to head sales and business development.
Hartmann and Whitney also have joined the Axsun board of directors.
Axsun will use its new cash reserves to fund R&D, Hartmann was quoted as saying in the press release.
"Over the past year, Axsun Technologies has focused on significant manufacturing process improvements, and the new investment will enable ground-breaking product enhancements. As an independent company, Axsun will continue its leadership position in producing high-performance, compact optical engines for medical imaging, industrial analyzers, and telecommunications," added Whitney.
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Stephen Hardy | Editorial Director and Associate Publisher
Stephen Hardy has covered fiber optics for more than 15 years, and communications and technology for more than 30 years. He is responsible for establishing and executing Lightwave's editorial strategy across its digital magazine, website, newsletters, research and other information products. He has won multiple awards for his writing.
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