Proxim Sells Harmonix Unit to Renaissance

Proxim Wireless Corp. (PRXM) said Wednesday it has sold the assets of its Harmonix division for $5.3 million.

Renaissance Electronics Corp. was the buyer.

Harmonix makes GigaLink radios. The unit was part of the Terabeam Corp., which bought Proxim in 2005 after Proxim went bankrupt. Proxim said it still will buy GigaLink radios so customers aren’t affected.

Proxim execs said the sale – effective Aug. 29 – created a “win-win” for Proxim and Renaissance.

“The components business of the Harmonix Division was non-core to Proxim’s business, so this gives Renaissance the ability to capitalize on the technology assets of that division while providing Proxim a continued source of radios and operating cash to focus on our end-to-end broadband wireless product portfolio,” Proxim CEO Pankaj Manglik said in a prepared statement.

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