Aerohive Networks

Aerohive Networks, Inc.
Company typePublic
NYSE: HIVE
Russell 2000 Index component
Industryinformation technology
Founded2006; 18 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

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

References

  1. ^ "Aerohive Networks Reports Fourth Quarter and Fiscal Year 2016 Results Record Revenue for Software and Subscriptions Business Growing 31% in 2016 | Aerohive Networks". Archived from the original on 2017-08-31. Retrieved 2017-08-31.
  2. ^ "AEROHIVE NETWORKS INC".
  3. ^ "Aerohive Networks, Inc. Profile".
  4. ^ a b Ludwig, Sean (September 11, 2012). "Cloud-based networking startup Aerohive Networks readies for IPO with $22.5M funding grab". VentureBeat. Retrieved 28 November 2012.
  5. ^ Rao, Leena (March 28, 2011). "Cloud-Based Networking Company Aerohive Networks Raises $25 Million". TechCrunch. Retrieved 28 November 2012.
  6. ^ "Looking for the 'Next Big Thing'? Ranking the Top 50 Start-Ups". Wall Street Journal. 27 September 2012.
  7. ^ "Deals of the Day: Jos. A. Bank Buying Eddie Bauer".
  8. ^ a b "Aerohive networks Files for $75 Million IPO". 14 February 2014.
  9. ^ a b Narcisi, Gina (2019-08-09). "Extreme Networks Closes $210 Million Aerohive Acquisition". CRN. Retrieved 2019-08-10.
  10. ^ "Extreme Networks Completes Acquisition of Aerohive Networks". finance.yahoo.com. Retrieved 2019-08-10.
  11. ^ a b "Extreme Networks Completes Acquisition of Aerohive Networks". Extreme Networks, Inc. Retrieved 2019-08-10.
  12. ^ "Aerohive Adds $20 Million". The PE Hub Network. 30 July 2007.
  13. ^ "Aerohive Networks Secures $23,500,000 Series C Financing Round". XConomy. 23 March 2010.
  14. ^ Berndtson, Chad (5 August 2010). "Aerohive Gains Partners, And Finally, A Buzz in WLAN Channel". CRN.
  15. ^ Berndston, Chad (20 November 2012). "Cisco Competitors Say Meraki Move Makes Them More Attractive". CRN Magazine. Archived from the original on 27 November 2012. Retrieved 28 November 2012.
  16. ^ "The Daily Start-Up: Aerohive Buzzes With $22.5M Led by IVP Amid Sweet Mobile Connectivity Demand". The Wall Street Journal. September 12, 2012. Retrieved 30 November 2012.
  17. ^ Wexler, Joanie (18 January 2001). "Aerohive Buys Cloud Startup Pareto Networks". Network World.
  18. ^ Shawber, Gloria Wang (12 October 2012). "Fast Private: Aerohive is all the buzz with Wi-Fi solutions". San Jose Business Journal.
  19. ^ Novet, Jordan (28 March 2014). "Hardware Company Aerohive Has a Bouncy IPO Today With Ups & Downs". VentureBeat.
  20. ^ Bent, Kristen (28 October 2014). "Aerohive Networks Team With Apple To Drive Obama's ConnectED Program". CRN.
  21. ^ Schaffhauser, Dian (26 May 2015). "Barracuda and Aerohive Bolster Wireless Security Product Ties". The Journal.
  22. ^ Haranas, Mark (17 September 2015). "Juniper Forms Alliance With Aerohive; Says Aruba Partnership Still Intact". CRN.
  23. ^ Meyer, Leila (20 January 2016). "Aerohive Debuts HiveSchool". The Journal.
  24. ^ "Aerohive Makes Synnex Exclusive Distributor of WiFi Portfolio to U.S., Canada". Cabling Installation and Maintenance. 18 February 2016.
  25. ^ Haranas, Mark (28 April 2016). "Dell, Aerohive Partnership 'Smells' Like an Acquisition Ahead, Partners Say".
  26. ^ Kerravala, Zeus (13 September 2016). "Aerohive Introduces the Software-Defined LAN". Network World.
  27. ^ Wen, Howard (1 October 2018). "802.11ax preview: Access points and routers that support the Wi-Fi 6 protocol on tap". NetworkWorld.
  28. ^ Irei, Alissa (27 September 2018). "Aerohive's Atom, 802.11ax access points win innovation award". TechTarget.
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