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Ciena
Ciena Corporation is an American optical networking systems and software company based in Hanover, Maryland. The company has been described as a vital player in optical connectivity. The company reported revenues of $4 billion and more than 8,500 employees, as of October 2024[update]. Gary Smith serves as president and chief executive officer (CEO).
Customers include AT&T, Deutsche Telekom, KT Corporation and Verizon Communications.
Ciena was founded in 1992 under the name HydraLite by electrical engineer David R. Huber. Optelecom, an optical networking company and Huber's former employer, provided management assistance and production facilities, and co-founder Kevin Kimberlin provided initial equity capital during the formation of the company. Huber engaged William K. Woodruff & Co. to present the idea to John Bayless at Sevin Rosen in November 1993 which resulted in Sevin Rosen investing $1.25 million in April 1994. William K. Woodruff & Co. was a co-manager of Ciena's IPO in February 1997.
Ciena received $40 million in venture capital financing from Charles River Ventures, Japan Associated Finance Co., Star Ventures, and Vanguard Venture Partners. Bayless recruited physicist Patrick Nettles, a former colleague at the telecommunications company Optilink, to serve as Ciena's first CEO, and Lawrence P. Huang, another former colleague, to accept the sales chief role. Huber and Nettles, changed the company's name to Ciena, in 1994. They began working from an office in Dallas in February 1994; Huber would remain with Ciena until 1995.
The company's first products were introduced in May 1996 to Sprint Corporation. At $195 million, the company's first-year sales were the highest ever recorded by a startup at the time. WorldCom also became an early customer. As of early 1997, Sprint and WorldCom accounted for 97 percent of Ciena's revenue. Ciena began diversifying its clientele and acquiring smaller contracts in 1997.
Ciena went public on NASDAQ in February 1997 with initial public offering by a startup company to date, with a valuation of $3.4 billion. The company's headquarters were relocated to Maryland in March 1997. Ciena earned approximately $370 million in revenue and profits of $110 million for the fiscal year ending in October 1997. Customers at the time included AT&T, Bell Atlantic, and Digital Teleport.
In March 1998, Nettles and Michael Birck of Tellabs began discussing a possible merger. Tellabs announced the purchase of Ciena for $7.1 billion in June. Revenue surpassed $700 million by August 1998, and Ciena had approximately 1,300 employees at the time. The merger was called off. in September 1998 with financial performance and shareholder disapproval cited in the media as reasons.
During the telecoms crash, Ciena's annual sales decreased from $1.6 billion to approximately $300 million. To address the company's challenges this presented, Gary Smith replaced Nettles as the company's CEO in 2001, and Nettles became executive chairman. The company raised $1.52 billion by selling 11 million shares of stock and $600 million in convertible bonds in 2001. Ciena was the second largest fiber optic networking equipment producer in the U.S. at the time.
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Ciena
Ciena Corporation is an American optical networking systems and software company based in Hanover, Maryland. The company has been described as a vital player in optical connectivity. The company reported revenues of $4 billion and more than 8,500 employees, as of October 2024[update]. Gary Smith serves as president and chief executive officer (CEO).
Customers include AT&T, Deutsche Telekom, KT Corporation and Verizon Communications.
Ciena was founded in 1992 under the name HydraLite by electrical engineer David R. Huber. Optelecom, an optical networking company and Huber's former employer, provided management assistance and production facilities, and co-founder Kevin Kimberlin provided initial equity capital during the formation of the company. Huber engaged William K. Woodruff & Co. to present the idea to John Bayless at Sevin Rosen in November 1993 which resulted in Sevin Rosen investing $1.25 million in April 1994. William K. Woodruff & Co. was a co-manager of Ciena's IPO in February 1997.
Ciena received $40 million in venture capital financing from Charles River Ventures, Japan Associated Finance Co., Star Ventures, and Vanguard Venture Partners. Bayless recruited physicist Patrick Nettles, a former colleague at the telecommunications company Optilink, to serve as Ciena's first CEO, and Lawrence P. Huang, another former colleague, to accept the sales chief role. Huber and Nettles, changed the company's name to Ciena, in 1994. They began working from an office in Dallas in February 1994; Huber would remain with Ciena until 1995.
The company's first products were introduced in May 1996 to Sprint Corporation. At $195 million, the company's first-year sales were the highest ever recorded by a startup at the time. WorldCom also became an early customer. As of early 1997, Sprint and WorldCom accounted for 97 percent of Ciena's revenue. Ciena began diversifying its clientele and acquiring smaller contracts in 1997.
Ciena went public on NASDAQ in February 1997 with initial public offering by a startup company to date, with a valuation of $3.4 billion. The company's headquarters were relocated to Maryland in March 1997. Ciena earned approximately $370 million in revenue and profits of $110 million for the fiscal year ending in October 1997. Customers at the time included AT&T, Bell Atlantic, and Digital Teleport.
In March 1998, Nettles and Michael Birck of Tellabs began discussing a possible merger. Tellabs announced the purchase of Ciena for $7.1 billion in June. Revenue surpassed $700 million by August 1998, and Ciena had approximately 1,300 employees at the time. The merger was called off. in September 1998 with financial performance and shareholder disapproval cited in the media as reasons.
During the telecoms crash, Ciena's annual sales decreased from $1.6 billion to approximately $300 million. To address the company's challenges this presented, Gary Smith replaced Nettles as the company's CEO in 2001, and Nettles became executive chairman. The company raised $1.52 billion by selling 11 million shares of stock and $600 million in convertible bonds in 2001. Ciena was the second largest fiber optic networking equipment producer in the U.S. at the time.