Netro ceases all Israeli operations

Closes down last subsidiary Bungee
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Broadband wireless access equipment maker Netro Corporation (Nasdaq:NTRO) has closed its subsidiary Bungee Communications, Internet site Ynet reports.

Bungee was founded in July 2000 at an investment of $7.5 million, based on $20 million pre-money company valuation. The offices have been closed, and twenty workers have been laid off. Some will continue working from home until the final closing.

The company's closure means that Netro is ceasing all Israeli operations. Ynet said that the closing of Bungee is part of a move also involving downsizing in Netro's US headquarters.

Bungee developed next-generation systems for broadband wireless access, which operate on local multipoint distribution services frequencies. The product was expected to expand the solutions offered on the broadband wireless access market.