Force10 Networks files for $144m IPO
Ethernet switch maker to get listed on NYSE
By Jim Duffy | Network World US | Published: 13:00, 03 March 2010
Ethernet switching company Force10 Networks this week filed for a $144 million IPO.
The amount of shares and the price were not disclosed. Lead managers in the public offering are J.P. Morgan, Deutsche Bank and Barclays Capital. It will be listed on the New York Stock Exchange under the symbol “FTEN.”
Force10 was founded in 1999. In 2009, it merged with Turin Networks, a maker of telecommunications Transport and access equipment for carriers and service providers. It employs 571 people.
The company booked $138.4 million in revenue in 2009 but has been losing money and may never turn a profit, according to Force10’s S-1 filing with the SEC. The company lost $76 million in 2009 and $55 million in 2008.
Force10 competes with Cisco, Brocade, Extreme Networks, HOP/3Com, Huawei and Juniper in high-density, high-performance Ethernet switching. The company’s customers include Fortune 100 companies, Internet portals, global carriers, research laboratories and government organizations, including eHarmony, NYSE Euronext, Sega, Yahoo!, Novarti, and CERN.
Force10 recently claimed density leadership in 10G Ethernet switching.
