ServGate Acquired in Fire Sale

Another security startup has foundered and seen its assets acquired by a healthier competitor.

According to documents filed with the Securities and Exchange Commission, Cirond Corp. has bought the intellectual property of startup ServGate and a sizeable chunk of its workforce as part of a foreclosure sale.

The documents, filed earlier this month, reveal that half of ServGate's 100-plus workforce will be retained by Cirond, which focuses on wired and wireless security. (See Cirond, Network Utilities Team.)

The deal is also the second in a matter of weeks where ambition has outpaced cash reserves in the security sector. Fortinet confirmed earlier this week that it had acquired the remaining assets of CoSine Communications, first reported last Friday by Dark Reading. (See Fortinet Scoops Up CoSine IP .)

Get all the details at Dark Reading.James Rogers, Senior Editor, Byte and Switch