Force10 Networks gears up for IPO

It has been little over a year since Force10 Networks was acquired by Turin Networks and now the new company hopes to raise $143.8 million in an initial public offering.

Underwriting the IPO is an all star team that includes J.P. Morgan, Deutsche Bank Securities and Barclays Capital. When it completes the IPO, Force10 will be traded on the New York Stock Exchange under the symbol FTEN.     

Although Force10 has been able to secure $500 million from private investors, the company's financial performance leaves much to be desired. In 2009, Force10 lost $76.3 million, so perhaps going public could provide its investors an exit strategy.

Force10 plans to leverage the proceeds from the IPO to acquire other companies in the switching and routing space.

For more:
- Wall Street Journal via Dow Jones has this article
- xChange also has this coverage

Related articles
Turin Networks to merge with Force 10
Turin bought Carrier Access in December 2007

Suggested Articles

On the heels of TalkTalk shareholders approving the deal to sell FibreNation to CityFibre, CityFibre is now targeting 8 million premises in the U.K.

Cisco's Kevin Wollenweber has turned into a COVID-19 sleuth of sorts over the past few weeks as he tracks the virus' impact on networks.

The coronavirus pandemic has led to organizations of all sizes sending their employees home for work, but will they want to return to the office?