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^
- Joe Rebeiro. Networking products from Redback Networks at CommunicAsia2000 ZDNet, July 28, 2000^
- Gaurav Garg. The Redback Story Wing.vc, July 31, 2014^
- 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^
- Deborah Adamson. Redback narrows loss; sales fall MarketWatch, October 9, 2002^
- 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 Ericsson, January 24, 2007^