BelAir Networks acquired by Ericsson

BelAir Networks Inc is being acquired by Stockholm Sweden-based Ericsson for an estimated price of more than $100 million. The privately held BelAir is a developer and marketer of carrier-grade WiFi network equipment with a staff of more than 120. Since its inception in 2001, it has raised approximately $70 million from several venture capital firms including Vengrowth, Ventures West, McLean Watson, T-Mobile Venture Fund, MMV Financial and BDC Venture. The Kanata ON-based firm is the latest in a string of domestic high-tech firms that have been acquired by foreign multinationals, raising concerns that the Canadian tech sector is being hollowed out. Co-founded by Bernard Herscovich (president and CEO) and Stephen Rayment (chief technology officer), its board chair is Dr Adam Chowaniec, who recently wrote a column for RE$EARCH MONEY proposing changes to legislation governing corporate shareholder rights plans to staunch the flow of Canadian high-tech firms offshore. Ericsson has invested heavily in Canadian high tech in recent years spending more than $1.5 billion on several business units of the former Nortel Networks Corp….