Source Code, a Milford artificial intelligence tech company, has been acquired by Cerberus Capital Management, according to an announcement Monday.
The purchase price was not disclosed.
The private equity firm headquartered in New York City obtained Source Code Holdings through its affiliates at JMC Capital Partners of Boston. Source Code Founder and CEO Arthur Ataie, along with the company’s existing management team, will remain in their current roles.
Founded in 1992, Source Code has implemented approximately 1,600 hardware configurations and delivered more than 1 million edge devices, according to the release.
“Source Code’s scale, breadth, and depth of engineering and design capabilities are distinctive in the industry. We are excited to partner with Source Code’s talented team to invest in its platform and build on its leadership position,” said Michael Sanford, senior managing director at Cerberus, in the press release.