ShoreTel Picks Up M5 Networks

Sunnyvale-based ShoreTel, the provider of unified communications products and IP phone systems, said Wednesday that it has acquired M5 Networks, in a deal worth $146.3M. The deal includes $84M in cash plus 9.5 million shares of ShoreTEl common stock. M5 Networks was based in New York, and was backed by Edison Venture Fund, Greycroft Ventures, and Milestone Venture Partners, among others.