Extreme Networks, Inc. (Nasdaq: EXTR), a San Jose, California-based software-driven networking company, completed the acquisition of Aerohive Networks, (NYSE: HIVE), a Milpitas, CA-based developer and provider of cloud-managed networking solutions.
According to a press release published in June, Extreme acquired the outstanding shares of common stock of Aerohive at a price of $4.45 per share in cash, representing an aggregate purchase price of approximately $272m.
Accounting for Aerohive’s net cash balance of $62 million at the end of March, the deal is equivalent to an enterprise value of $210m.
The acquisition of Aerohive adds cloud management and edge capabilities to Extreme’s portfolio of edge to cloud software-driven networking solutions. It expands Extreme’s technology leadership in Wi-Fi and NAC, adding cloud-managed Wi-Fi and NAC solutions to complement its on-premises Wi-Fi and NAC technology. It also brings new SD-WAN capabilities to Extreme’s solutions mix.
Led by Ed Meyercord, President and CEO, Extreme Networks delivers software-driven solutions from the enterprise edge to the cloud to 30,000 customers globally, including half of the Fortune 50 and some of the world’s leading names in business, hospitality, retail, transportation and logistics, education, government, healthcare and manufacturing.
Founded in 2006, Aerohive uses Cloud Management, Machine Learning, and Artificial Intelligence to simplify and secure the Access Network. Its Cloud-Managed Wireless, Switching, Routing, and Security technologies provide flexibility in deployment, management, and licensing. The company has over 30,000+ customers and 10+ million daily users.