Foundry Networks
 | |
| Former type | Subsidiary |
|---|---|
| Industry | Networking hardware |
| Fate | Acquired by Brocade Communications Systems |
| Founded | 1996 |
| Defunct | December 19, 2008 |
| Headquarters | Santa Clara, California, USA |
| Key people | Bobby R. Johnson, Jr. |
| Products | Switches, routers, application delivery controllers |
| Revenue |
 $607.205 million USD (2007) |
| Operating income |
$82.866 million USD (2007) |
| Net income |
$81.143 million USD (2007) |
| Employees | 1100 (2008) |
| Parent | Brocade Communications Systems |
Foundry Networks, Inc. was a networking hardware vendor selling high-end Ethernet switches and routers.
History
The company was founded in 1996 by Bobby R. Johnson, Jr. and was headquartered in Santa Clara, California, USA. In its first year the company operated under the names Perennium Networks and StarRidge Networks, but by January 1997 the name Foundry Networks was adopted. Foundry Networks had their initial public offering in 1999, during the Internet bubble, with the company reaching a valuation of $9 billion on its first day of trading on NASDAQ with the symbol FDRY.[1]
Foundry Networks designed, manufactured and sold high-end enterprise and service provider switches and routers, as well as wireless, security, and traffic management solutions. It was best known for its Layer 2 & 3 Ethernet switches. Foundry Networks was the first company to build and ship a gigabit Ethernet switch in 1997; to build a Layer 3 switch, also in 1997; to build the first Layer 4-7 switch in 1998 and to include 10 gigabit Ethernet single connectors in its boxes (since 2001).[citation needed]
Foundry Networks' product lines consisted of the BigIron, EdgeIron, FastIron, IronPoint, IronView, NetIron, SecureIron, and ServerIron.
According to a Dell’Oro report published in 1Q2006, Foundry Networks ranked number 4 in a total market share of over US$3,659 million, and its ServerIron application switch ranked first for total port shipments.[2][3]
Acquisition
On July 21, 2008, Foundry management agreed to allow the company to be acquired by storage networking company Brocade Communications Systems for approximately $3 billion in cash and stock.[4] On November 7, they agreed to a reduced purchase price of roughly $2.6 billion in an all-cash transaction when Brocade was unable to come up with a $400M tranche of financing required to complete the original deal.[5] A meeting was scheduled for December 17, 2008, where shareholders approved the amended agreement.[6]
The acquisition was completed on December 18, 2008.[7]
Qatalyst Partners advised Brocade on financial matters, and Cooley Godward Kronish LLP was Brocade's legal adviser.[8]
References
- ↑ "Bobby Johnson, Foundry Networks". Byte and Switch. July 23, 2003. Retrieved July 19, 2013.
- ↑ B NET Article - Foundry ServerIron App Switch keeps Worldwide Leadership (archived)
- ↑ "Ethernet Switch Market Retreats in the First Quarter of 2006". News release. Dell'Oro Group. May 17, 2006. Archived from the original on May 27, 2006. Retrieved July 19, 2013.
- ↑ Brocade Announces Definitive Agreement to Acquire Foundry Networks
- ↑ Brocade And Foundry Networks Announce Signing Of Amendment To Definitive Agreement For Acquisition Of Foundry By Brocade
- ↑ Foundry Networks Stockholders Approve Merger With Brocade
- ↑ Brocade Completes Acquisition of Foundry Networks
- ↑ Brocade Completes Foundry Acquisition
External links
- "Foundry Networks". Original web site. Archived from the original on December 17, 2008.
- Article on Foundry Networks' market position
- Dell Oro Group take on Foundry and Brocade merger