Chinese company to buy VC-backed Rx Networks for $31 mln

Beijing BDStar Navigation Co Ltd has agreed to acquire Rx Networks Inc, a Vancouver-based mobile positioning technology company, according to a Reuters report.

Reuters said the Chinese company, a maker of satellite navigation positioning products, struck a deal to buy Rx Networks for C$31 million (about $23.26 million).

Founded in 2006, Rx Networks is a portfolio company of Canadian venture capital firms Discovery Capital and Telus Ventures, the investment arm of Telus Communications Co, among other investors.