 | |
| Industry | Telecommunications equipment |
|---|---|
| Founded | 1996; 29 years ago (1996) |
| Founder | Gaurav Garg Asher Waldfogel |
| Fate | Acquired byEricsson |
| Headquarters | San Jose, California |
Key people | Georges Antoun,CEO |
Redback Networks provided hardware and software used byInternet service providers to managebroadband 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 byEricsson.
Redback Networks was founded in August 1996 by Gaurav Garg, Asher Waldfogel, and William M. Salkewicz.[3] The company receivedseed money fromSequoia Capital.[4]
In May 1999, during thedot-com bubble, the company became apublic company via aninitial 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 thedot-com bubble.[7]
In August 2000, the company acquired Abatis Systems.[8]
In October 2000, the company opened a regional headquarters inHong Kong.[9]
In January 2007, the company was acquired byEricsson for $1.9 billion, or $25 per share.[10]
