Enterprise Wi-Fi equipment maker Aerohive files for $75M IPO

For a technology that’s (relatively speaking) as old as the hills there’s a lot financial activity around Wi-Fi lately. Aerohive filed for an initial public offering on Thursday, stating in its SEC S-1 filing it hopes to raise $75 million.
Aerohive is based in Sunnyvale, Calif., and makes access points for enterprise networks, a market long dominated by Cisco Systems(s csco) with a host of other companies like Aruba Networks(s arun) and Ruckus Wireless(s rkus) splitting up the remaining market share. Aerohive tries to differentiate itself with a cloud-managed network controller that can easily manage Wi-Fi networks across multiple buildings and global locations.
Over seven years, Aerohive has raised $100 million in funding, and its principal investors are Lightspeed Venture Partners (20.4 percent), New Enterprise Associates (13 percent), Kleiner Perkins Caufield & Byers (11 percent), and DAG Ventures (8.4 percent). Over the last few years it appears to have experienced a big growth spurt. According to the S-1, its revenue jumped from $15.6 million in 2010 to $71.2 million. For the first nine months of 2013, it took in $76.9 million, but it also lost $25.4 million in same timeframe.

The IPO follows on the heels of Ruckus’s $126 million IPO in late 2012. Ruckus plays in both the enterprise and the outdoor hotspot space, and its primary competitor BelAir Networks was scooped up by Ericsson(s eric) earlier in 2012. Meanwhile, Cisco bought campus Wi-Fi access point maker Meraki Networks in late 2012 for a whopping $1.2 billion.