Western Multiplex
| Company type | Public |
|---|---|
| Industry | Wireless networking hardware |
| Founded | January 1, 1984 in Mountain View, California, U.S. |
| Headquarters | San Jose, California , United States |
Area served | Communities, enterprises, government entities, service providers |
Key people | Pankaj Manglik (CEO around 2010), Robert Fitzgerald (CEO in 2007) |
| Products | Wireless LAN, point-to-multipoint, point-to-point technologies |
| Website | www |
Proxim Wireless Corporation is a company headquartered in San Jose, California that focuses on delivering scalable broadband wireless networking solutions tailored for communities, enterprises, government entities, and service providers. Its product range includes wireless LAN, point-to-multipoint, and point-to-point technologies distributed through a channel partner network. The organization has grown through a series of mergers and acquisitions over time.
History
Established in 1984 in Mountain View, California, Proxim started developing radio frequency modules based on spread spectrum technology by 1989. The company's initial commercial product, launched in 1990, operated within the 900 MHz frequency band. The RangeLAN series, introduced between 1991 and 1992, functioned as network interface controllers for local area networks (LANs), with early models compatible with Novell NetWare. Proxim went public on December 15, 1993, with shares listed on NASDAQ under the ticker PROX.
In 1994, the RangeLAN2 products transitioned to the 2.4 GHz frequency band, followed by the introduction of the RangeLINK line in 1995. Proxim became a founding participant of the Wireless LAN Interoperability Forum in May 1996 to foster compatibility between RangeLAN2 and other wireless standards. A secondary stock offering initially planned for June 1996 was scaled back from an anticipated $95 million to approximately $41 million by July. The Symphony product family was launched in 1998.
Proxim was instrumental in forming the HomeRF Working Group in 1997, which ceased operations by late 2002. In January 2000, Proxim acquired Micrilor located in Wakefield, Massachusetts. By January 2001, while headquartered in Sunnyvale, California, Proxim announced intentions to purchase Netopia Incorporated for roughly $223 million in stock; however, this acquisition did not proceed after Intel discontinued support for HomeRF technology in March 2001.
Western Multiplex
Near the conclusion of the dot-com bubble, Western Multiplex Corporation acquired Ubiquity Communication on March 24, 2000. Western Multiplex was founded in 1979 in Sunnyvale and had been purchased by Glenayre Technologies in 1995. The company went public on July 31, 2000, trading on NASDAQ under WMUX and raising about $90 million. Its product lineup included the Ubiquity, Tsunami, and Lynx series.
In March 2001, Western Multiplex expanded its portfolio by acquiring WirelessHome Corporation, which had been based in Long Beach since 1998. In February 2002, Proxim announced plans to acquire Western Multiplex for more than $200 million, intending to maintain the PROX ticker symbol. At that time, Jonathan N. Zakin served as CEO of Western Multiplex while Davic C. King led Proxim. The acquisition received approval on March 26, 2002.
Later that year, Proxim further broadened its offerings by purchasing the Orinoco wireless product line from Agere Systems, a company spun off from Lucent.
Confronted with warnings of NASDAQ de-listing, Proxim filed for Chapter 11 bankruptcy protection in June 2005. Initially, Moseley Associates agreed to acquire Proxim's assets for $21 million; however, Terabeam Incorporated subsequently submitted a higher bid of $28 million for these assets, excluding any returns to prior shareholders.
From Telaxis to Terabeam
Established in 1982, Millitech Corporation originally specialized in millimeter-wave technology but redirected its efforts in August 1999 toward developing point-to-multipoint wireless access solutions for corporate clients, with Newbridge Networks as its primary customer. Operating out of South Deerfield, Massachusetts and under the leadership of John L. Youngblood, Millitech announced plans for an initial public offering in September 1999. The firm rebranded as Telaxis Communications and completed its IPO in February 2000 on NASDAQ under the ticker TLXS, generating approximately $63 million in capital.
Telaxis expanded its portfolio with the FiberLeap product suite and acquired P-Com XT Corporation, headquartered in Campbell, California, in September 2002. In April 2003, Young Design, Incorporated—a private company that had previously purchased Zeus Wireless—merged into publicly traded Telaxis, leading to a name change to YDI Wireless by June. Based in Falls Church, Virginia, YDI proceeded to acquire Phazar Corporation (the parent company of Antenna Products Corporation and other subsidiaries located in Fort Worth, Texas), a transaction announced in October 2003 and finalized by December; Phazar was formerly listed under the symbol ANTP.
YDI continued its growth trajectory by purchasing software developer KarlNet in May 2004, before merging with Terabeam Corporation (founded in 2000) effective June 22, 2004, adopting the Terabeam name post-merger. Shortly thereafter, on June 25, 2004, the company acquired Ricochet Networks, a service provider.
On September 4, 2007, Terabeam—then based in San Jose, California and managed by Robert Fitzgerald—declared a corporate rebranding to Proxim Wireless Corporation and changed its NASDAQ trading symbol from TRBM to PRXM. The company's shares were removed from NASDAQ in April 2009 and began trading on the OTCQX market operated by OTC Markets Group. In August 2009, Proxim secured a $7.5 million funding round that included $5 million from an affiliate of Japan’s SRA Holdings, Inc. Around 2010, Pankaj Manglik held the CEO position. That year also witnessed a one-for-one-hundred reverse stock split executed in May and a transition away from OTCQX to trading on the "Pink Sheets" by December.