Internet software company Novell Inc. said this week it has completed an $83 million initial financing of Volera Inc., a new subsidiary targeting the content networking market.
Provo-based Novell announced the formation of the company Feb. 2.
Volera is integrating caching and content management services designed to create a new level of Internet intelligence that speeds and manages the delivery of content.
Novell holds the majority ownership position in Volera, and the Novell board has said Volera should be a publicly held company by late 2002. With Volera a public company, the Novell board of directors' goal is to distribute Novell's interest in Volera to Novell shareholders.
Novell's transferred products and technologies to Volera represented less than 1 percent of Novell's fiscal 2000 revenue of $1.16 billion.
Eric Schmidt, who is leaving the post of Novell chief executive officer, is the chairman of Volera's board. He remains as chairman and chief strategist for Novell.
Volera is based in San Jose, Calif., with additional offices in Orem and Berkeley Heights, N.J. The company will initially have about 175 employees.