Apr, 2001 : Novell announces $83 M in funding for subsidiary

📅 April 9, 2001 - Novell Inc. (novell.com), a leader in the creation of Internet services software, announced on Friday that it had raised $83 million in initial funding for Volera Inc. (volera.com), a new operation targeting the emerging market for content networking software.

The announcement of the funding completes the formation process for the Volera, which was originally announced in February of 2001. Novell created Volera to design networking and caching software for Web hosting companies and Internet service providers. Volera says it plans to deliver a content networking platform that will deliver content, media and applications as efficiently, securely and cost-effectively as possible.
It was announced last month that Eric Schmidt, who is stepping down as chief executive officer of Novell, will run the new company. And Novell says that its board of directors has approved an initial plan to make Volera a publicly held company as early as late 2002. At that point, the Novell board's goal is to distribute its majority share in Volera among Novell's shareholders.
The distribution of Volera's stocks to Novell's US shareholders is intended to be tax-free, pending a ruling by the US Internal Revenue Service, and final approval by Novell's board of directors.

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