Aerohive Networks

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Aerohive Networks, Inc.
Company typePublic
NYSE: HIVE
Russell 2000 Index component
Industryinformation technology
Founded2006; 20 years ago (2006)[1]
FounderChangming Liu
Defunct2019 (2019)
Headquarters
Milpitas, California
,
U.S.
Key people
David Flynn (CEO)
ProductsCloud-Managed Networking, AI and ML powered management, Wi-Fi access points, switches, branch routers, and application services
RevenueIncrease US$169.8 million (2016)[2]
Number of employees
460 (2018)[3]
Websiteaerohive.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]

History

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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]

See also

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References

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  • Business data for Aerohive Networks:

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