NEW YORK- Triton Network Systems. Inc., an Orlando, Fla. vendor of point-to-consecutive-point broadband wireless network equipment, raised $82.5 million July 13 in an initial public offering of 5.5 million shares.
Credit Suisse First Boston was lead underwriter for the deal, which was priced at $15 per share. That was the top of a range that had been revised upward before the sale from the $10-$12 expectations included in the March registration with the Securities and Exchange Commission.
Lockheed Martin, which developed the underlying technology for use in Gulf War missile deployment, owns an 8 percent stake of Triton. IBM Corp. also plans to acquire a 9 percent stake in Triton as compensation for selling its broadband modem product line to the newly public company.
Triton sells its consecutive-point network systems directly to carriers like Advanced Radio Telecom Corp. and CenturyTel.
Its major competitors are Adaptive Broadband, Digital Microwave and P-Com.
