Redback Networks
{{Infobox company
| name = Redback Networks
| logo = Redback1.jpg
| industry = Telecommunications equipment
| fate = Acquired by Ericsson
| foundation = {{start date and age|1996}}
| founder = Gaurav Garg
Asher Waldfogel
| location = 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.{{cite web | url=http://www.bell-enterprise.com/products/redback/ | title=REDBACK ERICSSON, INC. CA Products | publisher=Bell Enterprise}}{{cite news | url=https://www.zdnet.com/home-and-office/networking/networking-products-from-redback-networks-at-communicasia2000/ | title=Networking products from Redback Networks at CommunicAsia2000 | first=Joe | last=Rebeiro | work=ZDNet | date=July 28, 2000}}
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.{{Cite web | url=https://www.wing.vc/content/the-redback-story | title=The Redback Story | first=Gaurav | last=Garg | work=Wing.vc | date=July 31, 2014}} The company received seed money from Sequoia Capital.{{cite news | url=https://money.cnn.com/2001/05/21/technology/redback/ | title=Redback CEO quits | work=CNN | date=May 21, 2001}}
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.{{cite news | url=https://www.wsj.com/articles/SB927061843195092032 | title=Redback Networks Soars 266% On Its First Day of Trading | work=The Wall Street Journal | date=May 18, 1999}}
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.{{cite news | url=https://www.zdnet.com/home-and-office/networking/redback-buys-siara-for-4-3-billion/ | title=Redback buys Siara for $4.3 billion | work=ZDNet | date=November 29, 1999}}
In 2000, its share price peaked at $198 but fell to $0.27 in October 2002, after the burst of the dot-com bubble.{{Cite news | url=https://www.marketwatch.com/story/redback-narrows-loss-sales-fall | title=Redback narrows loss; sales fall | first=Deborah | last=Adamson | work=MarketWatch | date=October 9, 2002}}
In August 2000, the company acquired Abatis Systems.{{cite news | title=COMPANY NEWS; REDBACK NETWORKS AGREES TO ACQUIRE ABATIS SYSTEMS | url=https://www.nytimes.com/2000/08/01/business/company-news-redback-networks-agrees-to-acquire-abatis-systems.html | work=The New York Times | date=August 1, 2000}}
In October 2000, the company opened a regional headquarters in Hong Kong.{{Cite news | url=https://www.zdnet.com/article/redback-opens-asia-pacific-hq-in-hk/ | archive-url=https://web.archive.org/web/20210517234422/https://www.zdnet.com/article/redback-opens-asia-pacific-hq-in-hk/ | url-status=dead | archive-date=May 17, 2021 | title=Redback opens Asia Pacific HQ in HK | work=ZDNet | date=October 31, 2000}}
In January 2007, the company was acquired by Ericsson for $1.9 billion, or $25 per share.{{cite press release | url=https://www.ericsson.com/en/press-releases/2007/1/ericsson-completes-cash-tender-offer-for-redback-networks | title=Ericsson completes cash tender offer for Redback Networks | publisher=Ericsson | date=January 24, 2007}}
References
{{Reflist}}
{{Dot-com Bubble}}
Category:1996 establishments in California
Category:1999 initial public offerings
Category:2007 mergers and acquisitions
Category:Companies formerly listed on the Nasdaq
Category:Networking hardware companies
Category:Defunct computer companies of the United States
Category:Defunct computer hardware companies