F5 Networks has appointed Skype Chief Financial Officer Jonathan Chadwick to its board of directors and announced the purchase of intellectual property assets of Crescendo Networks. The Seattle company, whose software and hardware helps speed the delivery of online applications, also said that its board has authorized a $200 million share repurchase program.
Shares of F5, which have fallen 35 percent this year, are up more than two percent on the news.
Chadwick’s involvement could be an especially important boost to F5 as it expands into new areas like security. Before joining Skype, Chadwick was chief financial officer of McAfee and served in executive roles at Cisco.
“His experience in the computer networking and security software industries will be tremendously valuable as F5 continues the expansion of the vital solutions we offer our customers throughout the world,” said F5 CEO John McAdam.
F5 bought the Crescendo assets for an undisclosed price out of bankruptcy proceedings in Israel where the company was based. A few employees from Crescendo, which was founded in 2002 and held key IP assets in Application Delivery Controller market, will join F5 in Tel Aviv. (UPDATE: I am told that less than 10 workers from Crescendo will join F5 as a result of the deal).