Nortel has set up a new subsidiary, Elastic Networks, to develop high speed Internet access and mobile computing tools and has already received $12.6 million in equity financing from Texas Instruments and Pequot Capital Management.
Elastic is developing Etherloop, which provides Ethernet capabilities on telephone lines of up to 21,000 feet, offering voice over copper running at 6Mbps in both directions. It is also building the Yesware applications suite, which works over Ethernet networks to provide basic IP network authentication, service billing and system management.
But this is not the first time Nortel has spun off a division. Entrust, which sells enterprise Internet security equipment, was established as an independent company at the end of 1996 and completed an initial public offering in the third quarter of last year.
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