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Arista Networks To Make IPO

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Arista Networks, Inc., a direct rival to technology giant Cisco Systems, announced it has filed for an initial public offering. The company, which builds network switches for large data centers at companies like Facebook, Comcast, Citigroup, and Yahoo, filed to raise up to $200M, though that amount is likely to change as the first filing is used to determine registration fees. Arista did not disclose how many shares it will sell and for what price, but did list Citigroup and Morgan Stanley as joint bookrunners to the offering. Arista has been led by former Cisco executive Jayashree Ullal since October 2008, who is also Arista's largest individual shareholder. Analysts estimate the company, started in 2004 with $100M in funding, is now worth around $2.5B.

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