Menu
Home
People
Places
Arts
History
Plants & Animals
Science
Life & Culture
Technology
Reference.org
Redback Networks
open-in-new
<h2 id="history">History</h2> <p>Redback Networks was founded in August 1996 by Gaurav Garg, Asher Waldfogel, and William M. Salkewicz.<a class="footnote-ref" id="fnref:3" href="#fn:3"><sup>3</sup></a> The company received <a href="/facts/Seed_money/RDEjrBJ6">seed money</a> from <a href="/facts/Sequoia_Capital/PY46UgYf">Sequoia Capital</a>.<a class="footnote-ref" id="fnref:4" href="#fn:4"><sup>4</sup></a> </p><p>In May 1999, during the <a href="/facts/Dot-com_bubble/dCFWQt0s">dot-com bubble</a>, the company became a <a href="/facts/Public_company/tnJQvSdR">public company</a> via an <a href="/facts/Initial_public_offering/2NntDhrG">initial public offering</a>. After pricing at $23 each, shares soared 266% on the first day of trading.<a class="footnote-ref" id="fnref:5" href="#fn:5"><sup>5</sup></a> </p><p>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.<a class="footnote-ref" id="fnref:6" href="#fn:6"><sup>6</sup></a> </p><p>In 2000, its share price peaked at $198 but fell to $0.27 in October 2002, after the burst of the <a href="/facts/Dot-com_bubble/dCFWQt0s">dot-com bubble</a>.<a class="footnote-ref" id="fnref:7" href="#fn:7"><sup>7</sup></a> </p><p>In August 2000, the company acquired Abatis Systems.<a class="footnote-ref" id="fnref:8" href="#fn:8"><sup>8</sup></a> </p><p>In October 2000, the company opened a regional headquarters in <a href="/facts/Hong_Kong/4nAf3mqQ">Hong Kong</a>.<a class="footnote-ref" id="fnref:9" href="#fn:9"><sup>9</sup></a> </p><p>In January 2007, the company was acquired by <a href="/facts/Ericsson/yJ4oMMp7">Ericsson</a> for $1.9 billion, or $25 per share.<a class="footnote-ref" id="fnref:10" href="#fn:10"><sup>10</sup></a> </p> <h2 id="references">References</h2> <ol> <li id="fn:1"><p>"REDBACK ERICSSON, INC. CA Products". Bell Enterprise. <a href="http://www.bell-enterprise.com/products/redback/" target="_blank">http://www.bell-enterprise.com/products/redback/</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></p></li> <li id="fn:2"><p>Rebeiro, Joe (July 28, 2000). "Networking products from Redback Networks at CommunicAsia2000". ZDNet. <a href="https://www.zdnet.com/home-and-office/networking/networking-products-from-redback-networks-at-communicasia2000/" target="_blank">https://www.zdnet.com/home-and-office/networking/networking-products-from-redback-networks-at-communicasia2000/</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></p></li> <li id="fn:3"><p>Garg, Gaurav (July 31, 2014). "The Redback Story". Wing.vc. <a href="https://www.wing.vc/content/the-redback-story" target="_blank">https://www.wing.vc/content/the-redback-story</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></p></li> <li id="fn:4"><p>"Redback CEO quits". CNN. May 21, 2001. <a href="https://money.cnn.com/2001/05/21/technology/redback/" target="_blank">https://money.cnn.com/2001/05/21/technology/redback/</a> <a href="#fnref:4" class="footnote-back-ref">↩</a></p></li> <li id="fn:5"><p>"Redback Networks Soars 266% On Its First Day of Trading". The Wall Street Journal. May 18, 1999. <a href="https://www.wsj.com/articles/SB927061843195092032" target="_blank">https://www.wsj.com/articles/SB927061843195092032</a> <a href="#fnref:5" class="footnote-back-ref">↩</a></p></li> <li id="fn:6"><p>"Redback buys Siara for $4.3 billion". ZDNet. November 29, 1999. <a href="https://www.zdnet.com/home-and-office/networking/redback-buys-siara-for-4-3-billion/" target="_blank">https://www.zdnet.com/home-and-office/networking/redback-buys-siara-for-4-3-billion/</a> <a href="#fnref:6" class="footnote-back-ref">↩</a></p></li> <li id="fn:7"><p>Adamson, Deborah (October 9, 2002). "Redback narrows loss; sales fall". MarketWatch. <a href="https://www.marketwatch.com/story/redback-narrows-loss-sales-fall" target="_blank">https://www.marketwatch.com/story/redback-narrows-loss-sales-fall</a> <a href="#fnref:7" class="footnote-back-ref">↩</a></p></li> <li id="fn:8"><p>"COMPANY NEWS; REDBACK NETWORKS AGREES TO ACQUIRE ABATIS SYSTEMS". The New York Times. August 1, 2000. <a href="https://www.nytimes.com/2000/08/01/business/company-news-redback-networks-agrees-to-acquire-abatis-systems.html" target="_blank">https://www.nytimes.com/2000/08/01/business/company-news-redback-networks-agrees-to-acquire-abatis-systems.html</a> <a href="#fnref:8" class="footnote-back-ref">↩</a></p></li> <li id="fn:9"><p>"Redback opens Asia Pacific HQ in HK". ZDNet. October 31, 2000. Archived from the original on May 17, 2021. <a href="https://web.archive.org/web/20210517234422/https://www.zdnet.com/article/redback-opens-asia-pacific-hq-in-hk/" target="_blank">https://web.archive.org/web/20210517234422/https://www.zdnet.com/article/redback-opens-asia-pacific-hq-in-hk/</a> <a href="#fnref:9" class="footnote-back-ref">↩</a></p></li> <li id="fn:10"><p>"Ericsson completes cash tender offer for Redback Networks" (Press release). Ericsson. January 24, 2007. <a href="https://www.ericsson.com/en/press-releases/2007/1/ericsson-completes-cash-tender-offer-for-redback-networks" target="_blank">https://www.ericsson.com/en/press-releases/2007/1/ericsson-completes-cash-tender-offer-for-redback-networks</a> <a href="#fnref:10" class="footnote-back-ref">↩</a></p></li> </ol>