Enterasys Networks
| Company type | Public (until 2005), Private (from 2005) |
|---|---|
| Industry | Networking hardware and software |
| Predecessor | Cabletron Systems (spin-off) |
| Founded | March 2000 |
| Defunct | 2013 |
| Fate | Acquired by Extreme Networks |
| Successor | Extreme Networks |
| Headquarters | Salem , United States |
Key people | Mike Fabiaschi (CEO 2006–2008), Mark Stone (interim CEO 2008), Chris Crowell (CEO and president post-2008) |
| Products | Routers, switches, wireless access points and controllers, network management and security software including intrusion prevention systems, network access control, security information management tools |
| Owner | Gores Group and Tennenbaum Capital Partners (from 2005) |
| Parent | Extreme Networks (from 2013) |
Enterasys Networks, Inc. was a U.S.-based enterprise specializing in networking solutions, including routers, switches, and wireless access points and controllers compliant with IEEE 802.11 standards. Established in March 2000 as a spin-off from Cabletron Systems, Enterasys also developed software for network management and security, offering products such as intrusion prevention systems, network access control, and security information management tools. The company’s headquarters were located in Salem, New Hampshire.
History
Enterasys made its public market debut on August 6, 2001, listing on the New York Stock Exchange under the ticker ETS. Initially, the company posted a $12.9 million profit in its first quarter after separation; however, earnings were later restated in 2002 due to improper revenue recognition practices, which led to several consecutive quarters of losses.
In October 2003, Enterasys resolved investigations by the U.S. Securities and Exchange Commission along with shareholder lawsuits through a settlement amounting to $50.4 million. A former executive admitted guilt to charges of fraud in 2004, and by 2006, multiple executives had been sentenced to prison relating to these offenses.
In November 2005, private equity firms Gores Group and Tennenbaum Capital Partners took Enterasys private in a transaction valued at $386 million. Mike Fabiaschi was named CEO in April 2006 with the objective of rebuilding customer confidence and enhancing operational outcomes. By 2008, the company set a target to grow its revenue to $1 billion and was actively pursuing strategic acquisitions.
On July 29, 2008, Gores Group collaborated with Siemens to acquire Siemens Enterprise Communications (SEN), obtaining a controlling 51% interest in a deal worth $550 million. This acquisition enabled the integration of Enterasys’ networking assets with SEN’s telephony and wireless product lines.
Following the unexpected passing of Fabiaschi in September 2008, Mark Stone served as interim CEO until Chris Crowell assumed the roles of CEO and president. Legal proceedings concerning previous fraud allegations persisted into 2009.
Extreme Networks announced on September 12, 2013, that it would acquire Enterasys for an estimated $180 million in cash.
See also
References
External links
- Articles with short description
- 2000 establishments in Massachusetts
- 2013 disestablishments in Massachusetts
- 2013 mergers and acquisitions
- American companies established in 2000
- American companies disestablished in 2013
- Computer companies established in 2000
- Computer companies disestablished in 2013
- Defunct computer companies based in Massachusetts
- Defunct computer companies of the United States
- Defunct computer hardware companies
- Defunct software companies of the United States
- Networking companies of the United States
- Silver Lake (investment firm) companies