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Finisar spins off NetWisdom business assets

By Associated Press
June 12, 2008 | Comments (0)

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Wireless network component maker Finisar Corp. on Thursday said it completed a transaction to spin off certain assets of its network tools business related to its NetWisdom business to an investment group.

Finisar said the new group's leaders are Jim Davidson, a founding partner of private equity firm Silver Lake Partners; Mark Urdahl, a former executive at IBM Corp.; and Steve Mankoff, a former executive at Siebel Systems Inc.

Siebel was sold to Oracle Corp. for $6.1 billion in 2006.

Finisar said it will keep a minority stake in the spin-off.

The company's NetWisdom product line includes hardware and software meant for monitoring and analyzing issues in storage area networks.

Shares of Finisar, which said separately that its fiscal fourth-quarter loss narrowed, fell 16 cents, or 9.1 percent, to $1.61 in after-hours trading. The stock finished the regular session up 8 cents, or 4.8 percent, at $1.76.

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