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Hammerhead Systems Names Peter Savage President, CEO, Chairman Tuesday, December 07, 2004 Mountain View, Calif. -- Hammerhead Systems Inc., a provider of a data migration edge switch for communication networks, named Peter Savage president, chief executive and chairman. Savage, 62, replaces Joe Sigrist, who was named to the position in July 2003 to drive the company's product development and launch. The board hired Savage, believing he could faster accelerate the company's market traction, said Rob Keil, Hammerhead's founder and vice president of marketing and business development. Savage said he'll follow Sigrist's lead. "The company has an excellent business strategy and we'll continue pursuing it." Hammerhead's products are still in trials, and the company is generating a little initial revenue. Savage declined to pin down a date when the product would be fully released. Prior to Hammerhead, Savage was chairman, president and CEO at Applied Digital Access Inc., sold in 1999 to Dynatech International Corp. He was also president and CEO of Hatteras Networks Inc. and President and COO of Xylogics. Hammerhead's HSX 6000 system, with both MPLS and ATM control planes, provides scalable service between legacy networks and new MPLS networks. In May, Hammerhead launched its HSX 6000 data migration edge switch along with its Pegador network management system, both available and in U.S. trials. Hammerhead has a strategic partnership with Fujitsu Network Communications Inc. in North America for distribution, joint marketing, product planning, and customer support and services. Savage said the company will do another round of venture funding at some point in future, but has no imminent plans for that. In January 2004, Hammerhead raised a $25 million Series B round from Pequot Ventures, Mayfield, Foundation Capital and Enterprise Partners Venture Capital. The Mountain View, Calif.-based company has raised $43 million to date. The company has about 50 employees. http://www.hammerheadsystems.com Receive daily e-mail news about the universe of venture capital, private equity, and high-tech startups -- subscribe to VentureWire at: http://www.venturewire.com |
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