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Breaking: Aerohive Networks Publicly Files For IPO

Feb 13 2014, 6:05pm CST | by

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Breaking: Aerohive Networks Publicly Files For IPO
 
 

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Breaking: Aerohive Networks Publicly Files For IPO

Aerohive Networks is going public.

The wireless access point maker based in Sunnyvale, CA submitted a public S-1 form to the Securities and Exchange Commission Thursday. The company is seeking up to $75 million in the IPO and will seek to trade on the New York Stock Exchange under the symbol “HIVE.”

Aerohive did not list a target price for its offering in the filing. Goldman Sachs is left lead along with BofA Merrill Lynch, Piper Jaffray, William Blair and JMP Securities.

The startup is led by Juniper veteran David Flynn, who joined as a board member in 2006 and took over as CEO in July of 2007.

Aerohive reported revenue for the first three quarters of 2013 of $76.9 million, already exceeding 2012’s yearly total of $71.2 million compared to $34 million in 2011 and $15.6 the previous year.

The company is not profitable, with net losses of $25.4 million for the first three quarters of 2013 compared to $15.8 million for the same quarters the year before.

Founded in 2006, Aerohive makes enterprise-grade wireless access points like larger competitors Cisco and Aruba, but bills itself as a more comprehensive solution for business users whose employees are now working across a range of wireless-enabled mobile devices and tablets.

The company had 11,500 end-customers as of Sept. 30 of 2013, according to its filing.

Aerohive has been rumored to be testing the public market off and on since late 2012. CEO Flynn had said in 2012 the company was hoping to go public in 2013, but then Aerohive raised $10 million more in July to get over the hump, reportedly from investors Big Basin Partners and Apogee Venture Group.

Existing investors include Kleiner Perkins Caufield & Byers, New Enterprise Associates, Institutional Venture Partners, Lightspeed Venture Partners and Northern Light Venture Capital.

The company was also subject to rumors in November that it would be acquired by Dell in 2014 should the IPO market prove unfavorable. That situation apparently is no longer one to trouble Aerohive’s management or investors.

I will update this breaking story as I have more information.

Follow me on ForbesTwitter and Facebook for more tech coverage in startups, ad tech, enterprise software and venture capital.

 

Source: Forbes

 

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