Metapath Software: September 1997
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Publication Date:
January 06, 1999
Industry:
Technology
Source:
Harvard Business School
In September 1997, John Hansen called together his board to debate an interesting choice that his company had to make. Hansen–the CEO of Metapath Software, a provider of software and services to wireless carriers–had two offers to describe. The first was an offer to be acquired by CellTech Communications, a wireless products company which had only recently gone public. Under the terms of the deal, Metapath’s shareholders would at closing receive common stock in CellTech valued at $115 million. CellTech at that time had a market capitalization of approximately $260 million. The second offer was from a consortium of investors led by Robertson & Stephens Omega Fund and Technology Crossover Ventures to buy $11.75 million of stock at a $76 million pre-money valuation. The terms of the preferred stock the funds were proposing to buy were much stricter than the terms of the stock owned by existing shareholders.
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Metapath Software: September 1997
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