Sycamore Networks Ends Tumultuous History With Private Buyout
When Chelmsford, Mass.-based telecommunications company Sycamore Networks went public in 1999, it was one of the most successful IPOs in the state as the dot.com boom boosted demand for its optical switching systems.
But after the dot.com bubble popped, the company struggled to maintain growth and it sustained big losses in 2001 and 2002. Finally, in February of this year, the company was taken private by Marlin Equity Partners and renamed Sycamore Network Solutions, led by CEO John Scully (pictured). Marlin paid $18.8 million for most of the company's assets in a deal shareholders approved Jan. 31.
In its last full fiscal year ended July 31, 2012, the company reported a net loss of nearly $13 million on sales of $57.3 million.