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Lucent Technologies Forms Subsidiary, Lucent Venture Partners; Venture Capital Fund to Invest in Emerging Technologies
MURRAY HILL, N.J., Feb. 18 /PRNewswire/ -- Lucent Technologies (NYSE: LU) today announced the formation of a venture capital fund, Lucent Venture Partners Inc., designed to identify and invest in emerging technologies. The new subsidiary, which will have $100 million committed to its initial investments, will focus on technology in high growth areas such as wireless, data networking, semiconductors, communications software and professional services.
"This venture will give us early insight into the technologies, products and companies developing outside Lucent's walls that can help support our growth," said Rich McGinn, Lucent Technologies chief executive officer, who today adds chairman to his title, succeeding Henry Schacht. "We will be looking at direct investments and at partnerships with venture capital firms." McGinn has asked Schacht, who is stepping down as Lucent Technologies chairman today, to assume the role of chairman for Lucent Venture Partners immediately.
Lucent Venture Partners will leverage external investments into Lucent Technologies' existing operations through the formation of joint marketing agreements, joint product development efforts, and possibly partnerships and acquisitions. The group will be closely aligned with Lucent Technologies' corporate strategies and operations.
"We'll be identifying technologies in the early stages of development that could complement what we're doing in Bell Labs, or that could fill a particular gap in our strategy," said John Hanley, managing general partner of the group. "The focus will be on cutting-edge technologies that fill particular niches in communications networking."
The group will have a presence on the East and West Coasts of the United States, but will look at investment opportunities worldwide. Its team will consist of Schacht, Hanley, and a handful of managers, as well as an advisory board of Lucent and outside executives. Initial investments by the group are expected later in the quarter.
Lucent Technologies, headquartered in Murray Hill, N.J., designs, builds and delivers a wide range of public and private networks, communications systems and software, data networking systems, business telephone systems and microelectronic components. Bell Labs is the research and development arm for the company. For more information on Lucent Technologies, visit the company's web site at lucent.com.
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