NEW YORK (CNNfn) - Network computing giant Sun Microsystems Inc. said Wednesday it has purchased Czech software company NetBeans, and plans to launch a $200 million fund to invest in Internet technology.
Terms of the acquisition of Prague-based NetBeans Ceska republika a.s., a Czech Republic joint stock company, weren't disclosed. NetBeans develops Sun's Java tools for Linux, a version of the Unix operating system.
NetBeans' IDE products will be incorporated with those of Forte Software Inc., (FRTE) whose acquisition by Sun (SUNW) was finalized today. The Oakland, Calif. -based software company creates business applications and is valued at $700 million, based on Sun's closing price Oct. 19.
"The acquisition is a good move for both Sun and NetBeans," said Mark Driver, research director for GartnerGroup's E-Business Technologies. "Sun has acquired an important piece of the Java tools puzzle and NetBeans now has the Sun resources to be better positioned as a competitive force in the market."
Palo Alto, Calif.-based Sun also disclosed plans to form a $200 million investment fund for companies focused on furthering Internet capabilities by developing products, markets and services based on Sun products and technology and platforms.
Jonathan Schwartz, former vice president of Sun's development tools division, was named vice president of the Sun Equity Investment Portfolio, effective Dec. 1.
Sun said the fund will take minority stakes in companies providing next generation Internet technology. It will partner with unnamed venture capital firms and investment banks.
"We intend to supply more than simple investment, by bringing to bear the experience and perspective that's put Sun in a leadership position on the Internet," Schwartz said. "We're looking forward to promoting the success of companies aligned with Sun's vision, and broadening our strategic portfolio."