Juniper Networks's revenues grew 600% in 2000 to $673 million. Within a year, the company's stock grew five-fold. According to Telephony, Juniper Networks became the "latest darling of Wall Street", reaching a $7 billion valuation by late July. The stock set a record in first-day trading in the technology sector by increasing 191% to a market capitalization of $4.9 billion. Juniper Networks filed for an initial public offering in April 1999 and its first day on the NASDAQ was that June. Juniper Networks's market share for core routers grew from 6% in 1998 to 17.5% one year later, and 20% by April 2000. A subsidiary was created in Japan and offices were established in Korea in 1999. A European headquarters was established in the United Kingdom and an Asia-Pacific headquarters in Hong Kong. Juniper Networks signed agreements with Alcatel and Ericsson to distribute the M40 internationally. By the following year, its only product, the M40 router, was being used by 50 telecommunications companies. Juniper Networks had $3.8 million in annual revenue in 1998. Juniper also received $2.5 million from Qwest and other investments from AT&T. Later that year, Juniper Networks raised an additional $40 million in investments from a round that included four out of five of the largest telecommunications equipment manufacturers: Siemens, Ericsson, Nortel and 3Com. By February 1997, Juniper had raised $8 million in venture funding. About seven months after the company's founding, Scott Kriens was appointed CEO to manage the business, while founder Sindhu became the Chief Technology Officer. Sindhu started Juniper Networks with $2 million in seed funding, which was followed by $12 million in funding in the company's first year of operations. Sindhu wanted to create data packet-based routers that were optimized for Internet traffic ( packet switching), whereby the routing and transferring of data occurs "by means of addressed packets so that a channel is occupied during the transmission of the packet only, and upon completion of the transmission the channel is made available for the transfer of other traffic." He was joined by engineers Bjorn Liencres from Sun Microsystems and Dennis Ferguson from MCI Communications. At the time, most routers used for Internet traffic were intended for phone calls and had dedicated circuits for each caller ( circuit switching). Pradeep Sindhu, a scientist with Xerox’s Palo Alto Research Center (PARC), conceived the idea for Juniper Networks while on vacation in 1995 Īnd founded the company in February 1996. As of 2014, Juniper has been focused on developing new software-defined networking products. In the early 2000s, Juniper entered the enterprise segment, which accounted for one-third of its revenues by 2005. In 2003, Juniper entered the IT security market with its own JProtect security toolkit before acquiring security company NetScreen Technologies the following year. Through the acquisition of Unisphere, in 2002, the company entered the market for edge routers, which are used by ISPs to route internet traffic to individual consumers. Juniper Networks originally focused on core routers, which are used by internet service providers (ISPs) to perform IP address lookups and direct internet traffic. Juniper appointed Kevin Johnson as CEO in 2008, Shaygan Kheradpir in 2013 and Rami Rahim in 2014. It grew to $4 billion in revenues by 2004 and $4.63 billion in 2014. By 2001 it had a 37% share of the core routers market, challenging Cisco's once-dominant market-share. Juniper grew to $673 million in annual revenues by 2000. It received several rounds of funding from venture capitalists and telecommunications companies before going public in 1999. Kriens has been credited with much of Juniper's early market success. The company was founded in 1996 by Pradeep Sindhu, with Scott Kriens as the first CEO, who remained until September 2008. The company develops and markets networking products, including routers, switches, network management software, network security products, and software-defined networking technology. is an American multinational corporation headquartered in Sunnyvale, California.
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