HP Buys Israeli Startup ConteXtream

Startup that provides broadband network technology bought by hi-tech giant for undisclosed sum.

AP

HP said on Tuesday it had agreed to acquire Israel’s ConteXtream, a startup that provides broadband network technology, for an undisclosed amount.

Industry sources said HP probably paid tens of millions of the dollars for the company, which is headquartered in Mountain View, California and whose research and development center is located in the Tel Aviv suburb of Herzliya.

ConteXtream co-founder and CEO Nachman Shelef will stay on as a team leader at HP and report to Saar Gillai, senior vice president and general manager of HP’s network function virtualization unit, HP said.

Selef founded the company nine years ago together with Sharon Barkai, raising $29 million in capital over the years, including $14 million in 2010. Among its investors are the U.S. cable company Comcast and the telecommunications company Verizon. Gillai, who is Israeli, worked at 3Com in the past with Shelef and Barkai.