Company type | Public |
---|---|
NYSE: HIVE Russell 2000 Index component | |
Industry | information technology |
Founded | 2006[1] |
Founder | Changming Liu |
Defunct | 2019 |
Headquarters | , U.S. |
Key people | David Flynn ( CEO) |
Products | Cloud-Managed Networking, AI and ML powered management, Wi-Fi access points, switches, branch routers, and application services |
Revenue | US$169.8 million (2016) [2] |
Number of employees | 460 (2018) [3] |
Website | aerohive.com |
Aerohive Networks, Inc. was an American multinational computer networking equipment company headquartered in Milpitas, California, with 17 additional offices worldwide. [4] The company was founded in 2006 and provided wireless networking to medium-sized and larger businesses. [4] [5]
In 2012, Aerohive was listed on The Wall Street Journal's list of "Top 50 Start-Ups." [6] The company raised around $105 million in venture capital funding before undergoing an IPO in March 2014. [7] [8]
On June 26, 2019, Extreme Networks announced its intent to acquire Aerohive for a purchase price of approximately $272 million. The acquisition closed on August 9, 2019. [9] [10] [11]
Aerohive was founded in 2006 by Changming Liu. That same year, the company raised $4 million in series A round funding. In July 2007, the company raised an additional $20 million in series B round funding led by Kleiner Perkins Caufield & Byers. [12] Aerohive completed a series C round of funding, raising $23.5 million to expand its sales and marketing strategy in March 2010. [13] [14] In 2011, the company acquired Pareto Networks, a cloud-based routing service, the acquisition allowed Aerohive to integrate Pareto's cloud management technology into its existing offerings. [15] [16] [17] In September 2012, Aerohive raised $22.5 million in a series E round of funding and announced its plans to undergo an IPO the following year. [18] The company raised an additional $10 million in funding as it prepared to go public, in 2013. [8] On March 28, 2014, the company was listed on the New York Stock Exchange under the HIVE symbol. [19] Aerohive joined Barack Obama's ConnectED initiative in October 2014, when it partnered with Apple Inc. and provided wireless connectivity to the schools receiving Apple products. [20]
Aerohive announced that its devices would operate more seamlessly with Barracuda Networks security products in May 2015. [21] In September 2015, the company announced a technology alliance with Juniper Networks. [22] In January 2016, the company released HiveSchool, a learning application for K-12 classrooms that runs on any network with any computer running the Google Chrome web browser. [23] The company announced that it had entered a distribution agreement with Synnex Corporation in February 2016. The agreement named Synnex as the exclusive distributor of Aerohive products in Canada. [24] In April 2016, Aerohive announced a strategic partnership with the technology company Dell. [25]
In September 2016, the company released SD-LAN, a software-defined network that functions on local area networks. [26] And then in August 2018, the company shipped the first family of enterprise-class 802.11ax access points ( Wi-Fi 6), along with the first enterprise-class pluggable wireless access point (ATOM AP630). [27] [28]
On June 26, 2019 Extreme Networks was reported to take over Aerohive Networks. The acquisition was completed on August 9, 2019, at an aggregate purchase price of approximately $272 million. Accounting for Aerohive's net cash balance of $62 million at the end of its fiscal first quarter, the deal is equivalent to an enterprise value of $210 million. [11] [9]