Overture Networks merging with Hatteras Networks

Two Triangle technology companies announced today they are combining operations.

Hatteras Networks in Research Triangle Park and Overture Networks in Morrisville expect their merger to be completed within three weeks.

The new company will be called Overture Networks and will be led by Overture CEO Jeff Reedy. Hatteras CEO Kevin Sheehan will become president of the combined company.

Overture plans to relocate to Research Triangle Park into a facility to accommodate the combined staff of about 110 locally. The merger will result in job losses for four executives.

Hatteras and Overture were both founded in 2000 and are financed by venture capital firms. They develop and build switches and other equipment for the telecommunications industry. Each company has about 200 customers, including Verizon, AT&T and Windstream Communications.

Privately-held Hatteras makes equipment that enables telecommunications companies to transmit high-speed data over traditional copper lines. Overture's products put voice and data onto the same line, reducing the number of lines that businesses need to run their phone and computer system.

When the merger is completed, Overture will have 160 employees in RTP and Richardson, Tex. The company will also have about 40 sales and support staff globally.