After buying a $27 million stake in Alvarion, New York-based hedge fund Renaissance Technologies Corporation has become a party at interest with 5.76% of the company.

With a market cap of $480 million, Israeli company Alvarion provides WiMAX broadband communications technology, they posted $236.6 million in revenue for 2007.

Alvarion said in a document filed with the US Securities and Exchange Commission that the transaction was made on November 8, 2007. Renaissance Technologies is now the largest shareholder in Alvarion, which until now did not have a shareholder owning more than 5%, the threshold of a party at interest under Israeli law.

Renaissance Technologies was founded in 1982 by cryptanalyst James Harris Simons and is now one of the world's largest hedge funds. The hedge fund uses statistical and mathematical models to make its investments. It has more than $12 billion under management.