Riverbed Layoffs 2023 – Latest Cut off Update about Riverbed Technology

Are there Riverbed layoffs in 2023? Riverbed has been laying off employees since 2015. It is estimated that most tech companies announced layoffs while some are still laying off their workforce. More than 207,500 tech employees have been laid off till now.

According to reports, it is estimated that the company let go of its employees last July 17, 2019. The mass layoffs have Primarily impacted the white collar and factory workers.

The Company, Riverbed, has announced mass layoffs since 2015. Those who were affected by layoffs would get a severance package. Here you can check how many employees were laid off and on what date.

According to some sources, the Riverbed has 2,481 employees; as of 2020, the company had 1,200 employees.

  • Riverbed Technology, a computer networking industry in Sunnyvale, laid off 75 employees on April 21, 2015. Severance packages were offered for ten weeks.
  • Riverbed Technology, located in San Francisco, laid off 85 employees on April 21, 2015. Severance packages were offered for ten weeks.
  • Riverbed Technology, located in Sunnyvale, laid off 22 employees on May 17, 2017. Severance packages were offered for one week.
  • Riverbed Technology, located in San Francisco, laid off 39 employees on May 17, 2017. Severance packages were offered for one week.
  • Riverbed Technology, located in Sunnyvale, laid off 31 employees on February 22, 2019. 
  • Riverbed Technology, located in San Francisco, laid off 31 employees on February 22, 2019.
  • Riverbed Technology, located in Sunnyvale, laid off 38 employees on July 17, 2019. 
  • Riverbed Technology, located in San Francisco, laid off 36 employees on July 17, 2019.

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About Riverbed Holding Inc.

Riverbed Technology LLC. is an America-based information tech company headquartered in San Francisco. It was established in 2002 and was recapitalized in 2021. The company’s majority shareholder is Apollo Global Management. 

It offers software and hardware products mainly targeting Wide Area Networks (WANs), including WAN optimization, SD-WAN, Network Visibility, End User Experience Management, Unified Observability, and Application Performance Management.

What Happened To Riverbed Technology?

In May 2002, the technology company was founded by Jerry Kennelly and Steve McCanne, who were the former CEO and CTO, respectively. Riverbed was formerly known as NBT Technology, where NBT stands for Next Big Thing. 

After a year since its launch, the company named Riverbed Technology. When the company was founded, the founders led the internal development of the SteelHead appliances. The first SteelHead models, including the 500, 1000, 2000, and 5000, were first shipped to Environment Canada in April 2004.

On September 21, 2006, The company started its stock trading on NASDAQ. In 2009, the offsite location of the Riverbed located at Research Park, University Of Illinois at Urbana-Champaign, was opened. The US hedge fund Elliott Management Corporation offered 3.36 billion US dollars to acquire Riverbed in February 2014.

Later, the company’s SteelStore line of protection and data backup products was later acquired by NetApp in October 2014. It was recalled as “AltaVault.”

In the same year, Riverbed announced that it was acquired by the private equity investment company Thoma Bravo, LLC, and the private investor department of Ontario Teachers’ Pension Plan, Teachers’ Private Capital. It is estimated that the deal was done at approx 3.6 billion US dollars in April 2015.

The former CEO and co-founder Jerry M. Kennelly retired, and Paul Mountford was appointed CEO on April 3, 2018.

Later, an announcement was made by the company that it would resell Versa Networks SD-WAN products on June 12, 2019. In the same year, Xirrus was acquired by Cambium Networks in August, and in October, the company’s CEO and president was Rich McBee.

A couple of years ago, in 2021, Dan Smoot was appointed CEO and President. Later, in December 2021, it was recapitalized, and the company’s majority shareholder was Apollo Global Management.

What Is The Purpose Of Riverbed?

The main motive of Riverbed is it provides telemetry from the network to the app to the end user. It is the only company that lights up and boosts every interaction. This way, the company can provide a coherent experience digitally and boost enterprise performance.

Why Riverbed?

  • It offers a flawless digital experience.
  • Unified Oberserbability.
  • It delivers an opportunity for hybrid work.
  • Cloud Visibility and Performance.
  • Network and App Acceleration.

Is Riverbed A Product-Based Company?

Yes, Riverbed is a Product-Based Company. Its products include software and hardware that targets End User Experience, Unified Observability, Network performance monitoring, Network Visibility, Application Performance Management, Wide Area Networks (WANs) including SD-WAN, and WAN optimization.

Riverbed Holdings, Inc. generated an overall revenue in 2022, which was 1.2 billion US dollars, and the revenue per employee was estimated to be 529,770 US dollars.

It is noted that the company usually makes 3.4 million US dollars a day and 103.9 million US dollars generated by the company in a single month.

Is Riverbed In Financial Trouble?

The company, Riverbed, has been there for more than the past two decades, which has been acquired by many, and it gets developed again. On May 30, 2023, the company announced that it had been received by the private equity firm Vector Capital.

The financial terms have yet to be revealed by the company of this deal, but the estimated amount is approximately 450 million US dollars.

Due to financial issues and market conditions for years since its establishment, the Riverbed ownership has been renewed.

In 2021, the company filed for Chapter 11 Bankruptcy Protection. Riverbed was struggling with a heavy debt load. 

Later, in the same year, the majority of the company’s shares were held by Apollo Global Management, which supported the company to exit bankruptcy protection.

Formerly, the majority owner of the Riverbed was Thoma Bravo, from which Apollo Global Management took over shares.

Despite struggling with financial challenges, in the vision of Shamus McGillicuddy (a VP of research for network infrastructure and operations at analyst firm Enterprise Management Associates), Riverbed still stands as a powerful opponent in significant areas. 

According to McGillicuddy, Riverbed WAN optimization uses MPLS networks, and it is observed that the business is still seen as a market leader for several enterprises. 

The company is progressively adapting this technology under the supervision of the umbrella term – Acceleration. It is doing so to apply it to more modern aspects of digital infrastructure.

SDxCentral stated that in McGillicuddy’s view, “Riverbed is entering into the acceleration solutions, and the main focus of the company is to attain things including Office 365 and several other SaaS services.”

Moreover, the company needed to attain the results it planned to be there. Still, it had aspirations in the SD-WAN space. Later, McGillicuddy observed that the company’s Alluvio business provides its market-leading products in observability and monitoring.

McGillicuddy explained, “Riverbed filed for the Bankruptcy Protection, but in the same year, it was able to exit. Riverbed announced financial restructuring over the last year to address its overall debt. This news spread and made some customers worried about it.”

When the news of bankruptcy protection came out, customers worried, and no one ever wanted to see something like this. Later, McGillicuddy said, “The company started to invest in the development of market-leading products.”

He says, “The private equity firm is not an ordinary one, it has acquired several companies, and it mainly targets mid-sized and mature technology companies.” McGillicuddy added, “The firm that acquired mostly the tech companies, including Riverbed, reinvests and tries to build its acquisitions.”

Who Are Riverbed Competitors?

Riverbed has a 4.4 rating out of 5. Below, we are sharing a list of Riverbed competitors of all time; let’s check them out.

  • NETSCOUT Systems Inc. (4.3 rating out of 5)
  • F5 Networks Inc.
  • Dynatrace (4.0 rating out of 5)
  • Cisco (4.4 rating out of 5)
  • SolarWinds Worldwide Inc. (4.4 rating out of 5)
  • Splunk (4.4 rating out of 5)
  • Broadcom (4.5 rating out of 5)
  • Manage Engine (4.4 rating out of 5)
  • Viavi (4.6 rating out of 5)
  • Net Brain (4.1 rating out of 5)
  • Live Action (4.7 rating out of 5)
  • Corvil Pico (4.8 rating out of 5)
  • Allot (4.5 rating out of 5)
  • Paessler (4.6 rating out of 5)
  • Accedian (4.7 rating out of 5)
  • Allegro Packets (5 rating out of 5)
  • Catch Point (4.7 rating out of 5)
  • Gigamon (4.6 rating out of 5)
  • Infovista (4.4 rating out of 5)
  • Kentik (4.8 rating out of 5)
  • Logic Monitor (4.5 rating out of 5)
  • Microsoft (4.6 rating out of 5)
  • Nagios (4.5 rating out of 5)
  • Nutanix Group
  • Infoblox Inc
  • Radware Ltd.

Riverbed Layoffs Update – Conclusion

After doing extensive research and analysis, we have concluded that the last layoff done by the company was on July 17, 2019. The company has been acquired by a private equity firm specializing in targeting mid-sized and mature tech companies.

It reinvests money to restructure its acquisitions. Similarly, that firm reinvested in Riverbed to build its entire setup for the betterment. By the way, no more layoffs have been announced yet by the company. 

But several other tech companies, including Amazon, Alphabet, Microsoft, Capital One, Better.com, etc., laid off their workforce in large numbers in 2023. Some of the non-tech companies also announced their layoff.

It indicates that the layoff trend is a hot topic among traders nowadays.

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