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Ciena Corp. to buy TeraXion Inc.'s assets for $32 million

Ciena Corp, a networking company headquarterd in Hanover, will boost its WaveLogic network management system — a system based on high-speed optics — by buying the technology that helps it run, the company announced Tuesday.

Ciena will buy the high-speed photonics components assets of Quebec City-based TeraXion Inc. for $32 million. The purchase includes high-speed indium phosphide and silicon photonics technologies and the intellectual property rights, which help Ciena's WaveLogic system work.

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The acquisition will also bolster Ciena's base in Canada, where more than 1,800 of its more than 5,000 employees work, the company said.

"This acquisition also reinforces our commitment to serving as a growth and innovation engine in Canada, which is home to our largest employee base and more than 50 percent of our global research and development team," said Scott McFeely, Ciena's senior vice president, networking platforms.

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Ciena shares slipped 44 cents Tuesday to close at $17.58 each.

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