Proxim Wireless Sells Harmonix Division For $5.3M
On August 29, 2008, Terabeam/HXI, also known as the Harmonix Division of Terabeam Corporation, was sold by its parent company, Proxim Wireless, to Renaissance Electronics Corporation (REC) of Harvard, Massachusetts. Going forward, the new company name will be HXI, LLC and HXI will be a wholly-owned subsidiary of REC. Proxim will retain the use of the Terabeam name and it will no longer be used by HXI.
All management, engineering, technical, administrative and direct sales personnel have remained with HXI through the acquisition. HXI also retained all relevant intellectual property, patents and component/subsystems designs that they had previous to the acquisition. HXI will remain in the same facility and will have all the same contact information, with the exception of e-mail addresses and web site address. In short, HXI was sold as a completely intact company.
A Wholly-Owned Subsidiary of Renaissance Electronics Corp. Ward Hill Business Park
22 Parkridge Road
Haverhill, MA 01835
Dana Wheeler, HXI's General Manager states, "We see the opportunity for much better synergy with Renaissance than with our previous owner. With our customer base of military, scientific and academic customers continuing to grow, it became a distraction for Proxim, but fits in well with the Renaissance family. We will continue to develop new products and support the existing ones – no obsolescence is planned as a result of the acquisition. However, we will also continue to support Proxim and select customers with 60 GHz and E-Band radio links (GigaLink®), which is still a large part of our business."
In summary, HXI, LCC continues on with business as usual.
SOURCE: HXI, LLC