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Redback Networks
From Wikipedia, the free encyclopedia
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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.
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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]
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References
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