Industry | Telecommunications equipment |
---|---|
Founded | 1996 |
Founder | Gaurav Garg Asher Waldfogel |
Fate | Acquired by Ericsson |
Headquarters | San 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.
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]