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Arista Networks files for IPO
2014-04-01 09:15:00| Telecompaper Headlines
(Telecompaper) Arista Networks, a competitor of Cisco in the cloud networking market, has filed for an initial public offering of shares. Since shipping its first products in 2008, US-based Arista has focused on its Linux-based Extensible Operating System and applications for cloud network management. It also offers 10/40/100 Gigabit Ethernet switches for the data centre market. Arista counted 2,340 customers at the end of 2013, mainly large internet companies such as Facebook, Microsoft and Yahoo as well as major banks and media groups. The company's sales jumped to USD 361 million last year from USD 193 million in 2012, and net profit more than doubled to USD 42 million. Arista plans to list on the New York Stock Exchange. For the purposes of the SEC filing fee, it estimated proceeds of the IPO at USD 200 million. Further details of the IPO were not disclosed. Arista said it did not have specific plans for the proceeds of the share sale, and the IPO was aimed more at creating a public market for its stock and financial flexibility. The company's main shareholders include its founders David Cheriton and Andy Bechtolsheim.
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Category:Telecommunications