Aerohive Networks Explained

Aerohive Networks, Inc.
Type:Public
Traded As:
Russell 2000 Index component
Founder:Changming Liu
Founded:[1]
Key People:David Flynn (CEO)
Industry:information technology
Products:Cloud-Managed Networking, AI and ML powered management, Wi-Fi access points, switches, branch routers, and application services
Revenue: US$169.8 million (2016)[2]
Num Employees:460 (2018)[3]
Homepage:aerohive.com
Location City:Milpitas, California
Location Country:U.S.

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

Notes and References

  1. Web site: Aerohive Networks Reports Fourth Quarter and Fiscal Year 2016 Results Record Revenue for Software and Subscriptions Business Growing 31% in 2016 | Aerohive Networks . 2017-08-31 . https://web.archive.org/web/20170831092020/https://www.aerohive.com/company/press-releases/2017/Aerohive-Networks-Reports-Fourth-Quarter-and-Fiscal-Year-2016-Results-Record-Revenue-for-Software-and-Subscriptions-Business-Growing-31-in-2016.html . 2017-08-31 . dead .
  2. Web site: AEROHIVE NETWORKS INC.
  3. Web site: Aerohive Networks, Inc. Profile.
  4. Web site: Cloud-based networking startup Aerohive Networks readies for IPO with $22.5M funding grab . Sean . Ludwig . September 11, 2012 . 28 November 2012 . VentureBeat.
  5. Web site: Cloud-Based Networking Company Aerohive Networks Raises $25 Million . Leena . Rao . March 28, 2011 . 28 November 2012 . TechCrunch.
  6. News: Looking for the 'Next Big Thing'? Ranking the Top 50 Start-Ups. Wall Street Journal . 27 September 2012 .
  7. Web site: Deals of the Day: Jos. A. Bank Buying Eddie Bauer.
  8. Web site: Aerohive networks Files for $75 Million IPO. 14 February 2014 .
  9. Web site: Extreme Networks Closes $210 Million Aerohive Acquisition. Narcisi. Gina. 2019-08-09. CRN. 2019-08-10.
  10. Web site: Extreme Networks Completes Acquisition of Aerohive Networks. finance.yahoo.com. en-US. 2019-08-10.
  11. Web site: Extreme Networks Completes Acquisition of Aerohive Networks. Extreme Networks, Inc.. en. 2019-08-10.
  12. Web site: Aerohive Adds $20 Million. The PE Hub Network. 30 July 2007.
  13. Web site: Aerohive Networks Secures $23,500,000 Series C Financing Round. XConomy . 23 March 2010.
  14. Web site: Aerohive Gains Partners, And Finally, A Buzz in WLAN Channel. CRN . Chad . Berndtson. 5 August 2010.
  15. News: Cisco Competitors Say Meraki Move Makes Them More Attractive. Chad. Berndston. November 20, 2012. 28 November 2012. CRN Magazine. https://web.archive.org/web/20121127211859/http://www.crn.com/news/networking/240142438/cisco-competitors-say-meraki-move-makes-them-more-attractive.htm. 27 November 2012. dead. dmy-all.
  16. News: The Daily Start-Up: Aerohive Buzzes With $22.5M Led by IVP Amid Sweet Mobile Connectivity Demand . . September 12, 2012 . 30 November 2012.
  17. Web site: Aerohive Buys Cloud Startup Pareto Networks. Network World. Joanie. Wexler. 18 January 2001.
  18. News: Fast Private: Aerohive is all the buzz with Wi-Fi solutions. San Jose Business Journal. Gloria Wang. Shawber. 12 October 2012.
  19. Web site: Hardware Company Aerohive Has a Bouncy IPO Today With Ups & Downs. VentureBeat. Jordan. Novet. 28 March 2014.
  20. Web site: Aerohive Networks Team With Apple To Drive Obama's ConnectED Program. CRN . Kristen. Bent. 28 October 2014.
  21. Web site: Barracuda and Aerohive Bolster Wireless Security Product Ties. The Journal. Dian . Schaffhauser. 26 May 2015.
  22. Web site: Juniper Forms Alliance With Aerohive; Says Aruba Partnership Still Intact . CRN . Mark . Haranas. 17 September 2015.
  23. Web site: Aerohive Debuts HiveSchool. The Journal. Leila . Meyer. 20 January 2016.
  24. Web site: Aerohive Makes Synnex Exclusive Distributor of WiFi Portfolio to U.S., Canada. Cabling Installation and Maintenance. 18 February 2016.
  25. Web site: Dell, Aerohive Partnership 'Smells' Like an Acquisition Ahead, Partners Say. Mark. Haranas. 28 April 2016.
  26. Web site: Aerohive Introduces the Software-Defined LAN. Network World. Zeus . Kerravala. 13 September 2016.
  27. Web site: 802.11ax preview: Access points and routers that support the Wi-Fi 6 protocol on tap. NetworkWorld. Howard . Wen. 1 October 2018.
  28. Web site: Aerohive's Atom, 802.11ax access points win innovation award. TechTarget. Alissa . Irei. 27 September 2018.

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