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Redback Networks

Topic: Company

 From HandWiki - Reading time: 3 min

Redback Networks
IndustryTelecommunications equipment
FateAcquired by Ericsson
Founded1996; 30 years ago (1996)
FounderGaurav Garg
Asher Waldfogel
HeadquartersSan Jose, California
Key people
Georges Antoun, CEO

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

  1. ↑ "REDBACK ERICSSON, INC. CA Products". Bell Enterprise. http://www.bell-enterprise.com/products/redback/. 
  2. ↑ Rebeiro, Joe (July 28, 2000). "Networking products from Redback Networks at CommunicAsia2000". ZDNet. https://www.zdnet.com/home-and-office/networking/networking-products-from-redback-networks-at-communicasia2000/. 
  3. ↑ Garg, Gaurav (July 31, 2014). "The Redback Story". Wing.vc. https://www.wing.vc/content/the-redback-story. 
  4. ↑ "Redback CEO quits". CNN. May 21, 2001. https://money.cnn.com/2001/05/21/technology/redback/. 
  5. ↑ "Redback Networks Soars 266% On Its First Day of Trading". The Wall Street Journal. May 18, 1999. https://www.wsj.com/articles/SB927061843195092032. 
  6. ↑ "Redback buys Siara for $4.3 billion". ZDNet. November 29, 1999. https://www.zdnet.com/home-and-office/networking/redback-buys-siara-for-4-3-billion/. 
  7. ↑ Adamson, Deborah (October 9, 2002). "Redback narrows loss; sales fall". MarketWatch. https://www.marketwatch.com/story/redback-narrows-loss-sales-fall. 
  8. ↑ "COMPANY NEWS; REDBACK NETWORKS AGREES TO ACQUIRE ABATIS SYSTEMS". The New York Times. August 1, 2000. https://www.nytimes.com/2000/08/01/business/company-news-redback-networks-agrees-to-acquire-abatis-systems.html. 
  9. ↑ "Redback opens Asia Pacific HQ in HK". ZDNet. October 31, 2000. https://www.zdnet.com/article/redback-opens-asia-pacific-hq-in-hk/. 
  10. ↑ "Ericsson completes cash tender offer for Redback Networks" (Press release). Ericsson. January 24, 2007.

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