Turns out Bitfone Corp.’s Chief Executive Gene Wang landed a big one.
Privately-held Bitfone is set to be bought by Palo Alto-based Hewlett-Packard Co., the companies said Wednesday.
Wang had been coy a few weeks ago when asked if the company, which makes software to update wireless phones remotely, had gotten any buyout offers.
Enter HP.
Terms of the deal,expected to close in February,were not disclosed. The acquisition is part of HP’s strategy to grow its wireless phones business.
Laguna Niguel-based Bitfone is set to join the handheld business unit of HP’s Personal Systems Group.
“Acquiring Bitfone will strengthen HP’s ability to provide customers with a flexible, modular approach to building a mobile infrastructure,” the company said in a statement.
The local company has forged strategic relationships with Silicon Valley.
Bitfone landed a $10 million round of venture funding in 2006, bringing its total raised to $70 million.
Vinod Khosla’s venture capital firm Khosla Ventures in Menlo Park led the most recent funding. Khosla is a founder of Sun Microsystems Inc.
Back in 2005, Bitfone landed an undisclosed investment from Qualcomm Inc.
The head of Qualcomm’s venture division now is an observer on Bitfone’s board.
Bitfone is working with Qualcomm to get its software into Qualcomm’s chips.
