Aerohive Networks, provider of a line of Wi-Fi and wired networking gear and related software/services, has filed for a $75M IPO under the symbol HIVE. Goldman, BofA/Merrill, Piper, William Blair, and JMP are underwriting.
Much like Cisco's Meraki unit (acquired for $1.2B), Aerohive's hardware is backed by a cloud-based management/services platform meant to lower admin costs and simplify installation, as well as deal with the growing number of user-purchased laptops and mobile devices attempting to access corporate networks thanks to the BYOD trend.
Over the first nine months of 2013, Aerohive had revenue of $76.9M (+53% Y/Y), and a net loss of $25.4M. Sales/marketing spend totaled $42M.