Redback Networks provided hardware and software used by Internet service providers to manage broadband services. The company's products included the SMS (Subscriber Management System), SmartEdge, and SmartMetro product lines.[1][2]
In January 2007, the company was acquired by Ericsson.
History
Redback Networks was founded in August 1996 by Gaurav Garg, Asher Waldfogel, and William M. Salkewicz.[3] The company received seed money from Sequoia Capital.[4]
In May 1999, during the dot-com bubble, the company became a public company via an initial public offering. After pricing at $23 each, shares soared 266% on the first day of trading.[5]
In November 1999, the company acquired Siara Systems, which at the time only had products in the prototype stage, for $4.3 billion in stock.[6]
In 2000, its share price peaked at $198 but fell to $0.27 in October 2002, after the burst of the dot-com bubble.[7]
In August 2000, the company acquired Abatis Systems.[8]
In October 2000, the company opened a regional headquarters in Hong Kong.[9]
In January 2007, the company was acquired by Ericsson for $1.9 billion, or $25 per share.[10]
References
- ^ "REDBACK ERICSSON, INC. CA Products". Bell Enterprise.
- ^ Rebeiro, Joe (July 28, 2000). "Networking products from Redback Networks at CommunicAsia2000". ZDNet.
- ^ Garg, Gaurav (July 31, 2014). "The Redback Story". Wing.vc.
- ^ "Redback CEO quits". CNN. May 21, 2001.
- ^ "Redback Networks Soars 266% On Its First Day of Trading". The Wall Street Journal. May 18, 1999.
- ^ "Redback buys Siara for $4.3 billion". ZDNet. November 29, 1999.
- ^ Adamson, Deborah (October 9, 2002). "Redback narrows loss; sales fall". MarketWatch.
- ^ "COMPANY NEWS; REDBACK NETWORKS AGREES TO ACQUIRE ABATIS SYSTEMS". The New York Times. August 1, 2000.
- ^ "Redback opens Asia Pacific HQ in HK". ZDNet. October 31, 2000.
- ^ "Ericsson completes cash tender offer for Redback Networks" (Press release). Ericsson. January 24, 2007.
Recent Comments