 |
|
| Type | Acquired by Brocade Communications Systems |
|---|---|
| Industry | Networking hardware |
| Founded | 1996 |
| Headquarters | Santa Clara, CA, 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) |
| Website | www.brocade.com |
Foundry Networks, Inc. was a networking hardware vendor selling high-end Ethernet switches and routers. 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 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).
Foundry Networks' product lines consisted of the BigIron, EdgeIron, FastIron, IronPoint, IronView, NetIron, SecureIron, and ServerIron.
According to a Dell’Oro report published in Q106, Foundry Networks ranked number 4 in a total market share of over US$3,659 million, and its ServerIron application switch ranks number 1 in the world for total port shipments.[1]
Acquisition by Brocade Communications Systems
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.[2] On November 7, they agreed to a reduced purchase price of roughly $2.6bn in an all-cash transaction when Brocade was unable to come up with a $400M tranche of financing required to complete the original deal.[3][not in citation given] A meeting was scheduled for December 17, 2008, where shareholders approved the amended agreement.[4]
The acquisition was completed on December 18, 2008. According to Mike Klayko, CEO of the combined companies, "The close of the Foundry acquisition will significantly enhance our ability to deliver on our mission of connecting the world's most important information. Brocade will now be able to offer a comprehensive IP and data center networking solution portfolio capable of addressing emerging market technology trends while meeting the needs of the world's most demanding, data-intensive organizations." [5]
Qatalyst Partners advised Brocade on financial matters, and Cooley Godward Kronish LLP was Brocade's legal adviser. [6]
References
- ^ B NET Article - Foundry ServerIron App Switch keeps Worldwide Leadership
- ^ 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
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