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Networking
Mergers and Acquisitions
LandscapeSummer Internship Report
May 5th 2011 to Jul 5th, 2011
At
Hewlett Packard
By
KODATI SOUJANYA
10BM60039
In partial fulfillment
Of the requirements for the degree ofMASTER OF BUSINESS ADMINISTRATION
UNDER THE SUPERVISION OF
S. Sumithra Dr Sangeeta Sahney
Competitive Intelligence Faculty guide
Hewlett Packard VGSOM, IIT Kharagpur
Vinod Gupta School of Management
IIT Kharagpur
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Vinod Gupta School of Management
IIT Kharagpur
BONAFIDE CERTIFICATE
This is to certify that the internship report titled Networking Mergers and Acquisition
Landscape is a bona fide record of work done by Kodati Soujanya (10BM60039)in her
summer internship in HP (Hewlett Packard) during May 5th, 2011 to Jul 5th, 2011 and has
submitted in partial fulfillment of the requirement for the award of the degree of Master of
Business Administration from Vinod Gupta School of Management, IIT Kharagpur.
The project work as mentioned above is hereby being recommended and forwarded for
examination and evaluation.
________________________________
Prof. Sangeeta Sahney
Faculty Guide
VGSOM, IIT Kharagpur
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TABL O CONTENTS
Execut
e Summary 6
Company Background 7
Project Object
e, Literature Survey, Metodology 10
SECTION 1: Ov
vi
w
fNetw
kin
Ven
s
Overview ofte Networking Market 12
Players in te Networking Market 13
HP in t e Networking Market 13
Cisco in te Networking Market 19
Juniper in te Networking Market 21
Comparative analysis of Cisco, Hp, Juniper 23
SECTION 2: Overview
fNetw
rkin
MarketConstituents
Switching Market Overview 25
Routing Market Overview 28
WLAN Market Overview 30
Security Market Overview 33
Future Networking Trends 36
SECTION 3: Mergers an
Acquisitions in theNetworking space
Acquisitions in the Networking Space 39
Potential Acquisition Targets 41
SECTION 4: Conclusion
Recommendations and Key Findings 47
Key Takeaways from this project 48
SECTION 5: Caselet 50
SECTION 6: Appen
ix
Appendix 1: Historical Analysis of Mergers and Acquisitions 54
Appendix 2: Some Portfolio Mappings 56
References 58
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EXECUTIVE SUMMARY
Project Objective: This report deals with the mergers and acquisitions in the networking
space. The objective includes the study ofthe networking market,trends in acquisitions
and determination ofthe potential acquisition targets in three major areas .
MethodologyUsed:
- Study of Networking Market ( scope restricted to 4 major areas)
- Competitive analysis of leading vendors
- Historical Analysis oftop acquisitions and forecast of future analysis
- Identification of 3 potential areas of acquisition
- Determination of potential acquisition targets and brief overview of each
Results:
- An understanding ofthe networking market
- Trends in acquisitions in the networking space: past and future
- Determination of potential acquisition targets in the networking space
o WLAN
o Security
o Cloud
- Analysis ofthe acquisition targets
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COMPANY BACKGROUND
Hewlett-Packard Company, commonly referred to as HP, is an American multinational
information technology corporation headquartered in Palo Alto, California, USA. The
company was founded in a one-car garage in Palo Alto by Bill Hewlett and Dave Packard. HP
however, is one of the world's largest information technology companies, operating in nearlyevery country. HP specializes in developing and manufacturing computing, data storage, and
networking hardware, designing software and delivering services. Major product lines
include personal computing devices, enterprise, and industry standard servers, related
storage devices, networking products, software and a diverse range of printers, and other
imaging products. HP markets its products to households, small- to medium-sized
businesses and enterprises directly as well as via online distribution, consumer-electronics
and office-supply retailers, software partners and major technology vendors. HP also has
strong services and consulting business around its products and partner products.
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HP has successful lines of printers, scanners, digital cameras, calculators, PDAs, servers,
workstation computers, and computers for home and small business use; many of the
computers came from the 2002 merger with Compaq. HPtoday promotes itself as supplying
not just hardware and software, but also a full range of services to design, implement, and
supportIT infrastructure.
HP's Imaging and Printing Group (IPG) includes printer hardware, printing supplies and
scanning devices, providing solutions across customer segments from individual consumers
to small and medium businesses to large enterprises.
HPs Personal Systems Group (PSG) includes business PCs and accessories, consumer PCs
and accessories.
HP Enterprise Business (EB) incorporates HP Technology Services, Enterprise Services (an
amalgamation ofthe former EDS, and what was known as HP Services), HP Software Division,
and Enterprise Servers, Storage and Networking Group (ESSN). The Enterprise Servers,Storage and Networking Group (ESSN) oversee back end products like storage and servers.
HP's networking business unit ProCurve is responsible for the family of network switches,
wireless access points, and routers. They are currently a business unit of ESSN. The ESSN
business unit consists of SWD (Software Division), BCS (Business Critical Systems), ISS
(Industry Standard Server) and HPN (HP Networking).
HP Software Division is the company's enterprise software unit. For years, HP has produced
and marketed its brand of enterprise management software, HP Open View.
Historyof HP:
The 30s: Stanford University classmates Bill Hewlett and Dave Packard founded HP in 1939.
The 40s: Products from the fledgling company win excellent acceptance among engineers
and scientists. HP builds the first of its own buildings and adds several new products.
The 50s: Hewlett Packard goes through a growing and maturing process in the 1950s,
learning much about the new technology of electronics and about the internal effects of
growth. The company goes public in 1957
The 60s: HP continues its steady growth in the test-and-measurement marketplace and
branches out into related fields like medical electronics and analytical instrumentation.It also
develops its first computer.
The 70s: HP continues its tradition of innovation with the introduction of a new array of
computing products. Foremost among them is the HP-35, the first scientific handheld
calculator, which ushers in a new era of portable, powerful computing.
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The 80s: HP becomes a major player in the computer industry in the 1980s with a full range
of computers, from desktop machines to portables to powerful minicomputers. HP makes its
entry into the printer market with the launch of inkjet printers and laser printers that connect
to personal computers.
The 90s: HP is one of the few companies in the world to successfully marrythe technologiesof measurement, computing and communication. The company makes new advances in
portable computing, enters the home-computing market and continues to invent new
printing and imaging solutions.
The 21st Century: HP focuses on simplifying technology experiences for all of its customers,
from individual consumers to the largest businesses. With a portfolio that spans printing,
personal computing, software, services and IT infrastructure, HP grows to become the
world's largest technology company.
HP ranks 11 in 2011 Fortune 500 list.
0
20000
40000
60000
0000
100000
120000
140000
Revenue of HP in $ millions
2001
2002
2003
2004
2005
2006
2007
2008
2009
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PROJECT OBJECTIVE:
This project deals with the Mergers and Acquisitions landscape in the Networking Space. The
project objective is to understand the Networking market in terms ofthe competitors to HP,
the different segments of the Networking Market, thereafter to analyze the trends in the
mergers and acquisitions and to determine portfolio gaps and henceforth determine thepotential acquisition targets.
SURVEY O LITERATURE:
This project is of a Marketing Research Project and aims in determining the potential
acquisition targets.
I
n understanding the competitors, a competitor analysis is done in terms of against who weare competing; what are their objectives, assumptions, strategies, capabilities and behavior.
To identify the portfolio gaps, the position of the business unit with reference to the
competitive position and market attractiveness and potential is analyzed. In finding the
acquisition targets,the strategythat is strongly related to profitabilitythat leads to value is
employed.
In determining the potential acquisition targets, various factors like the size and growth
potential of each segment, the structural attractiveness of different segments and the
organizations objectives and resources are kept in mind.
METHO
OLO
Y:
The networking market has been studied with respectto the four technologies of networking
(switching, routing, security, and WLAN) and a brief analysis ofthe leading vendors such as
Cisco, HP and Juniper has been done.
A historical analysis oftop 40 acquisitions in the networking space for the past three years
was considered to determine the key areas of acquisitions in the past. A forecast of futureacquisitions has also been done based on secondary research. Security, WLAN and cloud
were identified as the three major potential areas of acquisition based on the study ofthe
past and the future trends in acquisitions. For these three areas, potential acquisition
targets/vendors were obtained based on secondary research and analysis.
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SECTION 1
OVERVIEW OF NETWORKING VENDORS
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OVERVIEW O THENETWORKING MARKET
An enterprise network is a geographically dispersed network which includes several different
types of networks and computer systems. The traditional enterprise networking equipment
includes the following as the major constituents.
y Switches
y Routers
y Wireless LAN
y Security Systems
In the above picture, we see how the Networking components act as building blocks for a
network to sustain itself. We find Routers that route the internet traffic to its respective
destination, Switches which connect the networking segments, WLAN access points and
controllers, Firewalls and Intrusion Prevention Systems that secure the network and remove
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the threats. The Networking market is gradually changing and upgrading to include newer
features and newer components. Expansion, virtualization, cloud services & security are
becoming the key trends.
PLAYERS IN THE NET
ORKING MARKET
y L2-3 Ethernet switching (Cisco #1)
y Enterprise WLAN (Cisco #1)
y Network security (Cisco #1)
y Enterprise routers (Cisco #1)
y Enterprise voice phones (Cisco #1)
y SAN switching (Brocade #1)
y WAN optimization (Riverbed #1)
y L4-7 load balancing (F5 #1)
y Enterprise voice/PBX (Avaya #1)
From the above data, we observe that Cisco is the market leader in majority of the
constituents of the Networking Market. It has more than 50% market share in all traditional
networking markets like Ethernet Switching, Enterprise Routing, Enterprise WLAN, and
Network Security. In niche areas like WAN Optimization, L4-7 Load Balancing, Enterprise
voice/PBX we see that there are other niche players who dominate the market. Brocade is the
leader in SAN Switching where it drives additional high end switch sales for interconnecting
storage devices. Fibre Channel over Ethernet allows transport of SAN traffic over standard
Ethernet. Riverbed Networks portrays a defensible leadership position over Cisco in WAN
Optimization whereby its technology delivers Application acceleration, Bandwidthoptimization, Consolidation, Disaster Recovery. F5 Networks is the leader in Application
Delivery Networking and boosts the delivery of applications in data centers.
HP IN THE NET
ORKING MATRKET
Acquisition of3Com on April 12th,
20
10
stren
gthen
s HPN
etwork
in
gwith 3Com, H3C and Tipping point
products
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HPProCurve was the name ofthe networking division of Hewlett-Packard from 1998
to 2010 and associated with the products that it sold. The name ofthe division was
changed to HP Networking in September 2010 after HP acquired 3Com Corporation
with a deal of approximately $2.7 billion dollars.
Tippingpoint was acquired by 3Com in 2005, and was run as an autonomous security -
focused division from 2005 t o 2010. On 12 April 2010, when HP completed a
previously announced acquisition of 3Com, Tippingpoint became an entity within HP
Networking,the networking division of HP.
H3C Technologies Co., Limited (H3C) is a wholly owned subsidiary of Hewlett-Packard
Company, which is a leading global supplier ofIP -based products and solutions.
The combined product portfolio of proCurve, 3Com, H3C and Tippingpoint expands
HP's networking capabilities and accelerates the Converged Infrastructure strategy.
The HP Networking portfolio allows clients to eliminate redundant equipment by
integrating wired and wireless environments with security from the edge to core.
HP Networking delivers advanced networking functionality based on the principles of
industry standards and multivendor interoperability. HP solutions can be
incorporated into existing networks without disruption, bringing new levels of
flexibility, security and simplified managementto legacy environments.
HP removed all Cisco core routers and switches from HPs six data centers, replacing
them with proCurve products and technologies from the 3Com deal.
The real attractions for HP in the 3Com acquisition are core Ethernet switching and
immersion in China market.
Prior to the 3Com acquisition, HP offered a netw ork edge-centric set of products.It is
now in the network core, courtesy of the now-completed 3Com acquisition. The
enterprise edge routers HP obtains from 3Com are those in the MSR line. But the
downside is thatthere is an overlap in the products of HP and 3Com.
HP Challenges Cisco with New FlexNetwork Architecture
When Cisco ended partnership with HP, it ended its role as both a Cisco Certified
channel partner and a Global Service Alliance partner. It had to resell QLogic Corp.
developed 8Gbit /sec Fiber Channel switches, an offering HP formerly sourced from
Cisco.
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HPProductPortfolio in the Networking Market
1) Routers
2) Switches
3) Wireless LAN
4) Unified communications5) Tipping point security
6) Network Management
7) Application Delivery platform & solutions
Segmentation
When the acquisition of 3Com closed, HP announced a new HP Networking organization
portfolio that was basicallythe sum ofthe two original portfolios, with high -level divisions in
to A-, E-,V- and S-Series effectivelytargeting high-end, midmarket, small office/home office
and securitytargeted solutions.
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A-series: For customers with large or complex deployments seeking advanced technologyto
drive competitive advantage through their IT infrastructure at a lower cost of ownership. The
A-Series is built on robust networking products from the H3C division of 3Com.
E-series: For customers seeking essential and proven technology to reach their business
goals with future proof, easy-to-use, affordable, secure and reliable networking. The E-Series
combines industry-leading switching and routing products from ProCurve and 3Com.
V-series: For value-conscious customers in small office environments seeking reliable and
easy-to-use connectivity solutions. The V-Series combines networking solutions from
ProCurve and 3Com that setthe bar in these environments.
S-series: Security for customers that require dynamic, intelligent and immediate protection
by proactively stopping network threats while ensuring business continuity. The S -Series is
built on strong security solutions from Tippingpoint.
HPN Offering:
In the picture below, we see how HPN structures its offerings. The first block denotes the
product portfolio in terms of its segmentation A, E,V and S. The second block denotes the
Product folio by category wise Switches, Routers, Wireless, HP Tipping point Security,
Network Management and Unified Communication. HP also delivers innovative networking
solutions to help organizations improve their time -to-value, operational excellence, and
abilityto leverage networking technologies.
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The solutions are offered in several categories. Following are some of them.
y Campus
y Data center
y Mobility
y Security
y Unified Communications and Collaboration
y Network Software Management
HP Con!
erged Infra"
tructure
Delivering the data center of the
future, today at the heart of HP
Converged Infrastructure is the
ultimate end state of having any
workload, anywhere, anytime. It#s
all about a common way to get
things done and is what we mean
by delivering the data center of
the future, right now. This is
achieved through a systematic
approach that brings all server,
storage, and networking resources
together into a common pool.
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This approach also brings together management tools, policies, and processes so resources
and applications are managed in a holistic, integrat ed manner. And it brings together
security, and power and cooling management capabilities so systems and facilities work
together to extend the life ofthe data center.
HPNetworking: A legacyof leadership
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CISCO INTHENETWORKING MARKET
Cisco was founded in 1984 by Len Bosack and Sandy Lerner. The foundation of Ciscos
bridging and routing technologies began during experiments with the connection of
disparate networks across Stanford Universitys campus. Cisco shipped its first product, a
router for the TCP/IP protocol in 1986. Within five years Cisco went from two employees and
no revenue to 111 employees and $27M in revenue. Cisco went public in 1990. Since 1993,
Cisco has acquired 140+ companies. Cisco established its China operations in 1994 . They
now have 16 branches across China, with a major R&D facility in Shanghai and a total of
3,400 employees in the country.
Ciscos business is segmented through two reporting divisions: product and services. The
product segment is further subdivided into four categories: routers, switches, new products
(formerly advanced technology) and other. Cisco follows an outsourced manufacturingstrategy and they counter opponents cheaper products with what they claim is a richer
feature set and end-to-end solutions
Cisco is the market leader in the maturing traditional networking market where they
maintain high gross margins (currently declining). They are focused on maintaining their
leadership position in these core markets, while at the same time breaking into adjacent
markets that will result in pull-through sales of networking systems and other products.
However, Ciscos core networking products are no longer able to organically grow faster
than the market and inorganic opportunities are restricted given Ciscos market share
position.
Cisco believes that their largest growth drivers are virtualization, collaboration, and video.
These areas fall within New Products division (formerly Advanced Technology). Cisco feels
they have the potential to create $1B in revenue and they refer to these areas as market
adjacencies as Cisco is expanding into markets that are adjacent to their core business of
selling networking gear. Cisco believes thatthis strategy could help them grow long -term at
the rate of 12% to 17%. However, it does present potential risks associated with Cisco
moving away from their core competencies and creating tension with partners .
Cisco partners with a wide variety of customers. EMC and VMware are two oftheir biggest
partners. As of April 2010 Cisco has more than 60,000 partners worldwide. Cisco also
partners with companies such as IBM, Microsoft,Intel, Oracle, SAP and Nokia.
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Strengths
Brand Awareness
Broad Channel Reach
Good Reputation for Support
Market Share Leadership
Strong LiquidityPosition
Abilityto enter new markets
Worldwide presence with strong global
support
Weaknesses
Declining market share
Decreasing core market revenue
High prices causing customers to re-
evaluate its value
Dramatic drop off in consumer and set
top box business
Having trouble sustaining success in
new markets
Difficult for channel to fulfill criteria for
higher margins
Opportunities
Advances technology segment video,
cloud computing
China investing heavily
Capitalize on adjacent markets with
new product launches
Relationship with EMC and VMware
Threats
Competitive pressure - Competitors
discounting heavily
Declining market share to HP an
Juniper in core markets
Perception that Cisco is charging an
unjustifiable premium
Diluted focus as they move into market
adjacencies
Customer dissatisfaction due to high
prices
Brand becoming less relevant in
enterprise networking purchase
decisions
Cisco reported financial results for their FY11Q3 for the period ended April 30, 2011. Ciscos
revenue was up both sequentially and Y/Y and was in-line with both their forecast and the
average Wall Street estimate (which was revised down during the quarter).
Ciscos switching business was down 9% Y/Y.It is clearly evidentthat Cisco continues to face
broad challenges which include a producttransition in the switching business, a weakened
public sector, competitive threats (placing pressure on pricing and margins) and a restrained
macro environment.
Switching revenue was $3.29B; this was up 4.7% sequentially but down 9 .3% Y/Y.
Router revenue was $1.86B; this was up 11.2% sequentially and up 6.8% Y/Y. Routing made
up 17.1% of Ciscos total revenue
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Juniper quickly captured market share in the early part of the 20002s. Juniper entered the
Ethernet switching market in 2008 with their EX-series. Juniper is now the third largest
(revenue) LAN switching vendor and has surpassed longtime vendors such as Extreme
Networks, Enterasys, and Alcatel-Lucent.
Juniper2s operations are organized into two segments: Infrastructure andService Layer
Technologies (SLT). The Infrastructure segment is made up of routing and switching
products. This includes routers, carrier Ethernet, and their Ethernet switching portfolio. The
SLT segment includes security and WAN acceleration products.
Since entering the Ethernet switching market Juniper has leveraged existing customer
relationships to sell switching into networks while touting low TCO. Juniper does have over
1,000 partners selling the EX line of switches, with IBM Global Services and Verizon among
the two largest. While much smaller, Juniper is investing a higher proportion of its revenue inresearch than either Cisco or Hewlett-Packard.
Net income was $129.7M. This was down 31.7% sequentially and down 21.2% Y/Y.
Revenue was $1.10B. This was down 7.4% sequentially and up 20.7% Y/Y and in-line with the
average Wall Street estimate of $1.10B. Juniper2s Y/Y revenue growth came in ahead of their
long-term target of 20%. Juniper has had double-digit Y/Y revenue growth for the past five
quarters. Over that period they have averaged 22.8% growth.
Total switching revenue (EX and WLAN) was $105.8M. This was down 14% sequentially and
up 37% Y/Y. This was just the second time Juniper experienced sequential declines in
switching revenue. EX revenue was $96M which was down 21% sequentially and up 25% Y/Y.
WLAN revenue for the quarter was $9.5M.
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Enterprise revenue was $359.4M (33% of total revenue). This was down 11.5% sequentially
and up 17.8% Y/Y. Enterprise revenue was impacted by weakness in Junipers switching
business as well as softness in EMEA, except for the UK which had a strong quarter.
COMPARATIVEANALYSIS O 3 CISCO, HP, JUNIPER:
The above graphs show the comparative Analysis of Cisco, HP and Juniper in Ethernet
Switching, Routing, and Enterprise WLAN markets.
By Observation, we notice that Cisco is the distant first and dominates the market share in all
the three categories. But we see that there is a decline in market share of Cisco in all the
traditional networking markets
HP is the 2nd largest vendor in Switching, 3 rd in Routing, 4 th in WLAN and its market share has
increased after the acquisition of 3Com in 2010. Juniper leads HP in routing though it is not a
strong player in Switching and wireless LAN. Though Juniper has acquired Trapeze networks
for wireless LAN, it has not been able to integrate its products and is not able to enjoythe
fruits of acquisition yet.
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SECTION 2
OVERVIEW
OF
NETWORKING MARKET CONSTITUENTS
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The 4 primary constituents ofthe Networking market vis--vis Ethernet Switching, Routing,
WLAN and Network Security would be dealt in a greater detail with respect to the
competitive analysis,the roadmap to the future.
OVERIVIEW O 4 THEETHERNET SWITCHINGMARKET:
The above figure shows the Ethernet switching roadmap.
2006: Till then, customers had to make a choice between 1G and PoE. Now 1G+PoE has
been introduced.
2007: Introduction of lower priced 10G would eliminate the barrier for 10G and would lead
to a bump in 10G adoptions going forward beyond 2009.
2008: Economy is hit in 2008. So, the market is expected to decline in 2009 and return to
growth mode in 2010.
2009: Switches with integrated wire speed layer 7 securities will hit the market but the
adoption will be low as it is an early market.
2010: Fibre Channel over Ethernet allows transport of SAN traffic over Ethernet. Convergence
of storage networks onto Ethernet LANs could driver additional high end switch sales for
interconnecting storage devices and further cements Ethernet as the network for all
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applications. Bandwidth consumption is on the rise and this would drive the need for higher
speed switches of 40G and 100G
2011+: Phase out of 100M would disappear going forward starting in the chassis category.
CompetitiveAnalysis:
The above charts and figures are derived using the data given in the DellOro research report
on Ethernet Switching 4Q10. The numerical values in the first diagram denote the details of
manufacturing revenue in $billions from the Ethernet Switch market as a whole. Out ofthe
four primary constituents,the Ethernet switching market is the largest in terms of revenue.In
2010, 20.9 $ billion revenue is generated from Ethernet Switching market. The port shipment
is around 200 million . The average selling price of a single unit is around $80. We see there is
a decline in the market in 2009 owing to the global economy downturn which bounced back
in 2010. Though there is a decline in revenue in 2009 by 16%,the market has bounced back
in 2010 with YoY growth of 30%.
If we observe the pie chart which shows the market share in revenue of leading vendors, we
see that Cisco dominates the Ethernet switch market with a whopping 69% share of revenue .
HP is the second largest vendor in Ethernet Switching owing to the acquisition of 3Com.
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Following Cisco and HP are Brocade, Juniper and Avaya. There are many other smaller
vendors besides these contributing to 17% revenue. Junipers though a new entrant had
given a tough fightto its competitors and surpassed existing vendors like Extreme, Enterasys,
and Alcatel Lucent.
The other two bar graphs indicate the worldwide share of revenue and port shipment withvendor-based break-up and region wise break-up respectively.
Gartners Magicquadrant forEnterprise LAN:
HP (bolstered by the broad 3Com/H3C portfolio) and Juniper Networks have become
established as the viable mainstream Tier 1 vendors, with the financial resources to compete
directly with Cisco across nearly all fronts. This is further support ed by customers increasingly
evaluating HP and Juniper as alternative vendors for their enterprise networking projects and
adding them to shortlists that historically may have only included Cisco. Brocade hasstrength in the data center; however, it is still on the fence as to competing with recognized
Tier 1 players.
Leaders: Cisco, HP
A leader has demonstrated a
sustained ability to meet the
changing needs for mainstream
LAN switching architectures. A
leader also has an abilityto shape
the market and maintain strong
relationships with its channels
and customers, while offering
solutions for the edge, core and
data center.
Challengers: JuniperA challenger has demonstrated
sustained execution in the
marketplace, and has clear, long-term viability in the market, but has not shown the abilityto
shape and transform the market.
Visionaries: Brocade
A visionary has demonstrated an ability to increase features in its offering, to provide a
unique and differentiated approach to the market. A visionary has innovated in one or more
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ofthe key areas of campus LAN technologies, such as convergence, security, data center and
operational efficiency.
NichePlayers: Avaya, Alcatel Lucent, Enterasys, Extreme
A niche player has a complete or near-complete product offering, but does not have strong
go-to-market capabilities or innovation in its product offering. A niche player has a viable
product offering, and, in some cases, will be an appropriate choice for large infrastructure
deals.
OVERVIEW O 5 ENTERPRISEROUTING MARKET:
The above picture shows the roadmap for enterprise routing going forward.
Pre 2007: Routers go multipurpose including security features like FW and VPN. More
vendors would add voice gateway functionalityto the router which would position the router
further as a gatewayto the outside world for all kinds of communications.
2007: Cisco introduces the Aggregation Services router which is a high end router and
presents a stronger defense against Juniper who has been very successful in high endrouting
2009: Higher layer security functions like IPS and content security are integrated into the
routers functionality which will sustain router prices and replacements in the future years.
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2010: The worlds economies are exiting the downturn which will help supportthe enterprise
routing market and lead to core upgrades in 2010 and branch upgrades in the subsequent
years
2011+: Video is a major driver for router deployments as video would consume a huge
amount of bandwidth but it hinges on widespread adoption of video communication toolsthroughoutthe organizations.
Competitive analysis ofEnterpriseroutingmarket:
The charts and figures shown below are derived using the data given in the DellOro research
report on Router in 4Q10. The numerical values in the first diagram denote the details of
manufacturing revenue in $billions from the Enterprise Routing market as a whole.In 2010,
3.29 $ billion revenue is generated from Enterprise Routing market. The port shipment is
around 1.25 million.
The average selling price of a single unit is around $2500. We see there is a decline in the
market in 2009 owing to the global economy downturn which bounced back in 2010.
Though there is a decline in revenue in 2009 by 29%,the market has bounced back in 2010
with YoY growth of 12%.
If we observe the pie chart which shows the market share in revenue of leading vendors, we
see that Cisco dominates the Ethernet switch market with a whopping 84% share of revenue .
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Juniper is the second largest vendor in Enterprise Routing which is followed by HP.
Following Cisco, Juniper and HP a re OneAccess, Adtran. There are many other smaller
vendors besides these contributing to 6% revenue. Junipers though a new entrant had given
a tough fightto its competitors and surpassed existing vendors like HP.
The other two bar graphs indicate the worldwide share of revenue and port shipment withvendor-based break-up.
OVERVIEW O 6 ENTERPRISEWLANMARKET:
2005: WLAN becomes mainstream enterprise technology, mostly deployed as an overlay.
2006: Adoption of Switch and Dependent AP accelerates
2007: VoIP becomes WLAN adoption driver and enterprise VoIP phone market accelerates.
2008: Independent AP market flattens out. 802.11n adoption overtakes 802.11a/b/g.
2009: WLANs adopted by most verticals like campus and mission critical infrastructure
2010+: Enterprises use indoor/outdoor WLAN for cross campus connectivity. WLANs used
widely for all applications including VoIP, RFID, video surveillance and machine -to-machine
connectivity solutions
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Competitive analysis of WLANmarket:
The charts and figures given below are derived using the data given in the DellOro research
report on Wireless LAN report 4Q10.
The numerical values in the first diagram denote the details of manufacturing revenue in
$billions from the Ethernet Switch market as a whole. In 2010, 2.15$ billion revenue is
generated from Enterprise WLAN market. The port shipment is around 3 million. T he average
selling price of a single unit is around $500. We see there is a decline in the market in 2009
owing to the global economy downturn which bounced back in 2010.
If we observe the pie chart which shows the market share in revenue of leading vendors, we
see that Cisco dominates the Enterprise WLAN market with a whopping 57% share of
revenue. Aruba is the second largest vendor in Ethernet. Following Cisco and Aruba are
Meru, HP, Motorola, and Juniper. There are many other smaller vendors besides these
contributing to 14% revenue.
The other two bar graphs indicate the worldwide share of revenue and port shipment with
vendor-based break-up and region wise break-up respectively.
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Gartners magicquadrant forEnterpriseWLAN:
Standards-based connectivity between access points and devices is no longer a unique
feature of vendors in this Magic Quadrant. Enterprises must choose infrastructure providers
that can deliver network services (such as voice, video and location) and integrate wired
networking products.
Wired network enterprise vendors continue to expand their presence in the wireless
community. Last year, HP's acquisition of 3Com was completed, which added the 3Com
wireless product family to the HP portfolio. Toward the end of 2010, Juniper Networks
acquired Trapeze Networks to add wireless connectivity to its product offering. In August
2010, Avaya announced its WLAN Controller 8180, which leverages its OEM relationship with
Trapeze for 802.11a/b/g access points and its own 802.11n access points. Its split-plane
wireless architecture, which separates the data from the control and management
communication, leverages the scale and infrastructure of Avaya for end-to-end solutions that
integrate with its switching and telephony product family, as well as the Avaya salesorganization.
Leaders: Cisco, Aruba,
Motorola
Abilityto shape the market
Strong relationship with
channels
Visionaries: Meru, Ruckus,
Aerohive, Meraki, Blue Socket,
Siemens
Will have contributed
innovations in one or more of
the key areas of WLAN technologies
NichePlayers: HP, Juniper,D-Link,Xirrus
Complete or near-complete product offering, but does not have strong go -to-marketcapabilities or innovation
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OVERVIEW O 7 SECURITYMARKET:
Enterprise Security Roadmap:
Pre 2009: Most products include VPN and firewall with rudimentary IPS/content security;
performance with IPS/content security is poor. Most products include VPN and firewall with
rudimentaryIPS/content security; performance with IPS/content security is poor.
2009: Advances in silicon make high performance integrated appliances with IPS/content
security a reality
2010: Ethernet switches with integrated security functionality emerge, but pricing and use -
cases are still questionable
2011: Significant units/revenue for appliances shift to secure router categories as more
vendors add routing functionality and WAN ports to security appliance products
2011+: Content service providers (Google, etc.) and other non-Telco service providers drive
cloud-based services; software as a service becomes a viable model for managed security,
which could displace product revenue or shift itto software.
2013+: Switches with integrated security begin to displace some very high-end integrated
appliance units
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Enterpri8
e SecurityMarket9
In the above diagram, it is observed that Cisco has the largest revenue share of 35% followed
by Juniper and later by Checkpoint. There are several other players each contributing their
respective shares to the total revenue. HP@s Tipping point hasonly 3% share in the market,
the Tipping point appliances only being present in the niche segment of IPS/IDS appliances.
Cisco remains the revenue-leading vendor overall, with 31.9% of total network security
appliance and software revenue in 1Q11 (up 2 points from 4Q10). Cisco has been the market
share leader for 7 years; though revenue was down this quarter, they outperformed the
market and gained share.
20%
3A %13%
12%
B %
3% 3% 3% 3%
2010 revenue share
Others
CiscC
Juniper
CheckpCint
mcafee
iss
fCrtinet
sC
nicwall
tipping pt
NetwD
rk Security Appliances and
SD
ftware wD
rldwide market
quarterly revenue market share
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Juniper kept second place with 12.7% of revenue in 1Q11. Juniper continues to see
significant revenue from the SRX platform at the high end, but it was the branch office and
sales of secure routers that really propped up their business in 1Q11.
Check Point has fully integrated their Nokia acquisition and rationalized appliance product
lines, and is moving full steam ahead with their software blade architecture, which is
resonating well with customers.
McAfee (8.5% of revenue) has a murky future as a result of the Intel acquisition. For now the
impact of the acquisition seems to be neutral to positive overall. Fortinet remained in fifth
place with 4.2% of revenue; they were roughly flat QoQ and continue to do well in the
market.
Tippingpoint moved down from #8 to #9, with 2.6% of revenue in 1Q11.They only play in
one market in this report in a significant way (the IPS market, primarily the high end), and
that market is on the small side and can be capricious.
Cisco kept the top position in units, but remained in the second spot in revenue behind
McAfee. McAfeeEs revenue in 1Q11 declined only 1%, and their market share grew 1 point to
27%. Cisco came in second with 24% share, followed by ISS at 17%, Tippingpoint at 13%, and
Sourcefire at 5%. We expect Cisco and HP will post a strong growth quarter for IPS in 2Q11.
Network based IDS and IPS
worldwide revenue market share
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Gartners magicquadrant forNetworkIntrusion Prevention Systems Appliances
Leaders: Tipping point, McAfee, Sourcefire, Juniper
Demonstrate balanced progress and effort in all execution and vision categories
Challengers: Cisco,IBM
Have products that address the
typical needs of the market with
strong sales, large market share and
visibility
Visionaries: Radware
Invest in leading edge features that
will be significant in next generation
products
Niche Players: Enterasys, Nitro
Security, TopLayer, Still Secure,
Deep Nines, Checkpoint, Stone soft
F UTURENETWORKINGTRENDS:
According to a report by IDC, the following include the predictions for the future of the
networking.
This next generation will be defined by a
y staggering number of mobile devices,
y expanding telecom network build out,
y Adoption of both public and private cloud delivery models.
Two keyrequirements:
y Demand for greater efficiencies within the IT infrastructure, with virtualization as the
cornerstone ofthis trend
y Requirements for the network to support an interactive (video) IT-supported business
application
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Underlyingtrends driving network upgrades
y growth of voice and video over IP
y proliferation of network-attached and wireless devices
y virtualization and cloud computing
Videowill betheNetworkKillerApplication
Migration to public and privatecloud
Virtualization andtheNetwork: BestPractices will emerge
Migration to Next generation solutions leads to emphasis on Network Consulting
Services
Mobility in theEnterprise a critical service
WANApplication Deliverywill seecontinued success
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SECTION 3
MERGERS AND ACQUISITIONS
IN THE
NETWORKING SPACE
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ANALYSIS O G MERGERS ANDACQUISITIONS INTHENETWORKING SPACE:
The top 40 acquisitions in the Networking Space are considered for the past 3 years.
Portfolio mappings are done to analyze how the acquisition has fit in the Companys product
portfolio. After making a consolidated list of all the acquisitions, a critical analysis is done to
studythe trends in the acquisitions and to determine the potential areas of acquisition.
Details of acquirer, acquiree, deal value of acquisition, date of acquisition, broad area of
offering, brief description ofthe acquisition and last but notthe least,the portfolio mapping
for the acquisition made are obtained for all the 40 acquisitions.
A snapshot of the excel report prepared is shown above. The portfolio mappings are also
included as hyperlinks. The excel sheet will be included as an appendix to this report.
Analysis of Historical Data
Area of Offering 2008 2009 2010 2011
Cloud 0 0 2 1
Security 3 1 2 2
Collaboration 2 3 2 2
Network Mgmt 0 1 1 1
WLAN 3 0 2 0
Data Center 1 2 1 0
Ethernet Switch 2 2 1 0
Web 2 1 0 0
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KeyPoints:
From the history of past acquisitions, we see that
y Most of the acquisitions have taken place in the area of Collaboration (which
includes video, Telepresence, unified communications) and Security, followed by
WLAN, Switch and Data Center, and then by Cloud, Web and Network
Management.
y If we see the trends,the acquisitions in
- Collaboration, wlan and network Management have been more or less
the same in number
- IncreasedinCloudand Security,
- DecreasedinDatacenter, Ethernet Switchand Web categories.
HutureTrends:
Based on secondary research from networking blogs and sites and Research reports , a
forecast of future acquisitions is found to focus mainly on Network Security, Cloud
computing and wireless LAN, data center technology
(Source: currentanalysis.com, networkworld.com)
So, based on historical analysis and forecast of future trends in acquisitions ,the three major
potential areas of acquisition are found to be
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y Security
y WLAN
y Cloud
The above three areas are studied in terms of networking vendors, their market share,
partnerships. Other relevant data is found using secondary research. Then the potentialvendors targeted for acquisition are obtained.
After obtaining the list of vendors in each category, a brief analysis is made about the
targeted vendors in terms of the revenue, their product offerings, partnerships and other
relevant data is found using secondary research.
POTENTIAL ACQUISITIONTARGETS:
Potential Security Vendors Targeted for acquisition
Initial list of vendors is taken from Infonetics research report
Filtering
1.) Based on Market share of revenue (Greater than 1% were considered)
2.) Cisco, HP, Juniper were ignored (they would not be acquired)
3.) ISS - already acquired byIBM
McAfee - Recently acquired byIntel
Sonic Wall - merger with Thoma Bravo (a private equity firm)
So,the above three were filtered
4.) Citrix has more focus on Cloud and it is not a pure Network Security Company
Enterasys plays in routing, switching, wlan, Security and is not a pure Security company
So,the above 2 were ignored
This leaves the following 4 companies to be taken into consideration for the potential
targets of acquisition.
Checkpoint Sourcefire I ortinet P WatchGuard
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BriefProfileofthetargeted Security Vendors:
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Potential WLAN vendors targeted for acquisition
Initial list of vendors is taken from Dell'Oro research report
Filtering
1.) Based on Market share of revenue (Greater than 1% were considered)
2.) Cisco, HP, Juniper were ignored (they would not be acquired)
3.) Alcatel Lucent and Enterasys are not pure WLA N vendors
So,the above 2 were ignored
This leaves the following 3 companies to be taken into consideration for the potential targets
of acquisition.
Aruba Meru Q Xirrus
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BriefProfileofthetargetedWLAN Vendors:
Potential NetworkingCloud vendors targeted for acquisition:
Analysis based on the cloud offerings, alliances and secondary research.
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BriefProfileofthe networkingcloud vendors targeted for acquisition:
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SECTION 4
CONCLUSION
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RECOMMENDATIONS ANDKEYRINDINGS:
The table below shows the recommendations from HPs perspective and findings from
market perspective.
Potential
Targeted
Vendors
Srom HPs perspective Market perspective
Security :
Checkpoint
Sourcefire
Fortinet
WatchGuard
Checkpoint is considered a
better choice as it is a
company with strong financials
and offers a wide range of
portfolio of products other
than IPS. Fills HPs gap in
security portfolio.
Cisco might not acquire a company with
security portfolio as it is already the
leader in Security. Juniper is looking
towards acquiring a security vendor.
WLAN :
Aruba
Meru
Xirrus
Aruba is the best choice to
strengthen the wireless
product line
Cisco might not acquire a company with
WLAN portfolio as it is alreadythe leader
Cloud :
Citrix
F5
Riverbed
Arista
- Citrix for virtualization solns
-F5 for Application Delivery
Networking
-Riverbed for WAN
optimization
- Arista for high end switches
Cisco is more skewed towards the Cloud
and would consider acquiring any ofthe
target vendors.
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KEYTAKEAWAYS T ROM THEPROJECT:
An understanding ofthe networking market
Trends in acquisitions in the networking space past and future
Determination of potential acquisition targets in the networking space
WLAN
Security
Cloud
Analysis ofthe acquisition targets
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SECTION 5
Caselet
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HewlettPackard was started in 1976 in Palo Alto, California, USA by Bill Hewlett and Dave
Packard and the first product was an oscillator. Today, HP is one of the world's largest
information technology companies , operating in nearly every country. HP specializes in
developing and manufacturing computing, data storage, and networking hardware,
designing software and delivering services. It ranks 11 among the Fortune 500 companies.
ESSN is one among the several divisions of HP which constitutes Enterprise Servers, Storage
and Networking Business. The new summer intern, Natalie was introduced to the members
of the Enterprise Business Unit. She has been assigned to a mentor, Cathie Anderson who
would be her project guide and would take her through the proceedings. The profile is o f
Marketing Research and she is required to make a report on the topic Mergers and
Acquisitions landscape in the Networking Market. The project objective is to determine the
potential acquisition targets of various firms in the Networking space. She had to read a lot
of documents, analyze many research reports to understand the market, and to find the
various players and the competition among them. A critical analysis of the market share
reports and a good data interpretation ofthe numbers were required of her. Exhibit 1 showsthe portfolio of HP Networking Division which indicates that HP is in the Routers, Switches,
Wireless LAN devices and Security Products market and also offers Software solutions.
Exhibit 2 gives a snapshot ofthe Dell Oro Research report which provides the details of the
yearly market share details of HP along with its competitors in the switching market. Similar
reports are present for Routing, WLAN, and Security Markets. These being the four basic
traditional Networking markets, the other upcoming areas are Cloud, Collaboration,Video,
and Web Services.
HPProCurve was the name ofthe networking division of Hewlett-Packard from 1998 to 2010
and associated with the products that it sold. The name ofthe division was changed to HPNetworking in September 2010 after HP acquired 3Com Corporation with a deal of
approximately $2.7 billion dollars. When the acquisition of 3Com closed, HP announced a
new HP Networking organization portfolio that was basically the sum of the two original
portfolios, with high-level divisions in to A-, E-, V- and S-Series effectively targeting high-
end, midmarket, small office/home office and securitytargeted solutions.
The main competitors of HP include Cisco and Juniper. A competitive and a comparative
analysis of Cisco and Juniper with respect to HP is studied. Exhibit 3 shows the graphical
representation ofthe comparative analysis in terms of market share of revenue.
Cisco is the market leader in the maturing traditional networking market where they
maintain high gross margins (currently declining). They are focused on maintaining their
leadership position in these core markets, while at the same time breaking into adjacent
markets that will result in pullthrough sales of networking systems and other products.
However, Ciscos core networking products are no longer able to organically grow faster
than the market and inorganic opportunities are restricted given Cisco s market share
position.
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Juniper is founded in 1996. The core router market has been the primary focus of JuniperUs
efforts since its inception. Juniper quickly captured market share in the early part of the
2000Us. Juniper entered the Ethernet switching market in 2008 with their EXseries. Juniper is
now the third largest (revenue) LAN switching vendor and has surpassed long-time vendors
such as Extreme Networks, Enterasys, and AlcatelLucent.
Besides these two, there are some other small vendors which give a tough competition to HP
in their own niche segments of the Networking Market.
After gaining a good understanding of the market and the various players, Natalie has done
a historical analysis of the mergers and acquisitions in the networking space in terms of
acquirer, acquiree, deal value, portfolio mappings. The portfolio mappings would help to
evaluate what was the gap in the portfolio of the acquirer and how the acquiree has helped
in filling the void.
Natalie sent the report to the project manager Andrew Williams. Andrew was pretty happy
and called for a discussion. He says, Impressive work! Since you have the data with you,make a critical analysis to identify the trends in acquisitions. Provide some insights based on
the analysis. This would help you to proceed further in identifying the potential acquisition
targets. I want a white paper by this month end.
Natalie set off for some serious thinking and activated her grey cells. What she has done
earlier is a historical analysis of acquisitions. What now lay before her is the forecast of future
potential acquisition targets which is quite challenging.
Exhibit 1: HPs product portfolio
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@ Source:Ethernet switch Report 4Q10Vol. 16, No. 4- DellVOro Group
Exhibit 2: Switching Market Share
Exhibit 3: Comparative Analysis of Cisco, HP, Juniper
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SECTION 6
APPENDIX
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Appendix 1: Historical Analysis of Mergers andAcquisitions
AWqui
X Y XA
Wqui
X Y Y ` Y a l Valu
Y at
Y
BXoad A
X Ya of
OffY X
inb
CisW
o nY
wc W
alY
InW
29-d
ar-11 Cloud ServiW
es
Intee's
McAfee
sf g
sh i h p q
y
Sentrigo 23-Mar-11
security and
compliance
products
Motorola 3LM 14-Fe g -11Enterprise
Security
CisWo Inlet Technolo
b
ies $95 million 04-Feb-11 Video
Avaya Konftel $15million 04-Jan-11Collaboration
technology
Cisco PariNetworks 26-Jan-11Network
Management
Juniper Altor Networks 06-
ec-10Securit
r
in Data
Center
Cisco LineSider 01-Dec-10Cloud
Technology
Juniper Trapeze Networks $152 million 16-Nov-10 Wlan
Shores
el Agito$11
t 4
million
21-Oct-10Wireless
Tech
nology
IBM Blade Networks 27-Sep-10Data Center
Switching
Cisco ExtendMedia 26-Aug-10 Video
Intel McAfee $7.68 billion 19-Aug-10Security in
Software
HP 3Com $2.7billion 12-Apr-10Ethernet Switch
Offering
Juniper Ankeena Networks $100 million 08-Apr-10 Video ContentDelivery
IBM Intelliden 16-Feb-10Network
Automation
Ciscou
ohati Systems 05-Jan-10 Cloud Secutity
Cisco ScanSafe $183 million 27-Oct-09 Web Security
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Cisco StarentNetworks $2.9 billion 13-Oct-09Mobile
Infrastructure
Cisco Tandberg $3billion 01-Oct-09 Tele Presence
Extreme SoapStonesoftware 10-Aug-09Carrier Ethernet
Networks
Nimsoft Cittio 19-May-09
Network &
systems Mgmt
software
Trend Micro ThirdBrigade 29-Apr-09Data Center
Security
CheckpointNokia Security
Aplliances13-Apr-09 Security
Cisco Tidal Software $105 million 09-Apr-09Data Center
Software
Cisco Pure Digital 19-Mar-09 Video
Force 10Turin
Networks(merger) 05-Jan-09Ethernet
Switching
Cisco Jabber 30-Sep-08 Web Services
McAfee Secure Computing $465million 08-Sep-08 Security
Cisco Post Path Inc $215 million 27-Aug-08 Web Services
Symantec MessageLabs $695million 20-Aug-08 Security
HP Colubris 11-Aug-08 Wireless LANGores Group
(Enterasys)
Siemens' Enterprise
Communications
group
$550
million(joint
venture)
29-Jul-08Unified
Communications
Motorola AirDefense 27-Jul-08 Security
Cisco Pure Networks $120 million 23-Jul-08Home
Networking
Brocade Foundry Networks $3 billion 22-Jul-08Ethernet
Switching
Cisco DiviTech 10-Jun-08 Digital Video
BlueCoat Packeteer $268million 21-Apr-08WAN
Optimization
Cisco Nuova $678 million 08-Apr-08Data Center
Switch
Ciena World Wide Packets $290million 22-Jan-08Ethernet
products
Aruba AirWave $37million 09-Jan-08WLAN
Management
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Appendix 2v
Some Portfolio Mappingw
Portfolio Mapping of Ciw
co x Inlet Technologiew
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Portfolio Mapping of Juniper y Trape
e network
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REFERENCES
y HPIntranet Competitive Intelligence
y HP Market vision
y Research Reports from Dell Oro Group
y
Research Reports fromInfonetics Research group
y www.networkworld.com
y www.businessweek.com
y www.techcrunch.com
y www.eweek.com
y www.trefis.com
y www.communicationstoday.co.in
y www.techworld.com
y www.siliconangle.com
y www.definethecloud.net
y www.insearchoftech.comy www.channelregister.co.uk
y www.smartstockinvestmnet.blogspot.com
y www.ideationcloud.com
y www.blogs.investors.com
y www.itmanagement.earthweb.com
y www.nerdtwilight.wordpress.com
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