Enablence acquires Pannaway Networks

Canada's Enablence Technologies is acquiring Pannaway Technologies, a supplier of gear for broadband fiber network architectures. Pannaway, based in Portsmouth, N.H., has been a key technology partner to several small independent telcos offering IPTV services. The stock-based deal is worth around $9 million, and also includes a $3 million, 10-year convertible note paying 5 percent interest.

Enablence, which earlier this year acquired optical transceiver vendor Wave7 Optics, said Pannaway will be merged with its FTTx networks division.

The deal comes just after Pannaway's Broadband Access Switch, the BAS-150, earned approval from the Rural Utilities Service (RUS) division of the U.S. Department of Agriculture. It also is happening just a week before Pannaway President Mark Carpenter is set to be one of the show-opening keynote speakers at the TelcoTV 2008 conference in Anaheim, Calif. 

For more:
- The Toronto Star has this story from The Canadian Press

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Enablence announced the Wave7 acquisition in April
Pannaway last year acquired TelStrat's access division