Pingtel

Founded: 2004, sort-of (see below)

Status: Suffering a death of a thousand cuts

What does it do: Scalable SIP-based open source IP PBX software

Website: www.pingtel.com 

Once upon a time, Pingtel made Java-based desktop IP phones. Wisely, the company decided to get out of hardware and into software and services, moving its SIPxchange IP-PBX platform into open source. The business model was going to be just like how RedHat operated Linux subscriptions. 

It was a very Fierce move. SIPxchange won wide acclaiming as being easier to work with in an all-SIP environment, and for being more scalable than Asterisk. Tthe company also picked up Amazon.com as its marquee customer. 

However, the IP-PBX open source market didn't turn into the cash cow initially predicted. Sources indicated Pingtel began seeking a buyer in early 2007, but it didn't manage to find one until Bluesocket snatched them up in July 2007.  

Bluesocket said the company would fit into its wireless mobility and security solutions, but it wasn't that great of a fit. Nortel came along in mid-August 2008 and paid some amount of cash to Bluesocket to pick up "key assets" and Pingtel employees. 

Taken a look at Nortel's financials lately?