Boise Business Sells For A Billion Dollars
One billion dollars... How does one make one billion dollars? How long does it take to make a thousand million dollars? I seriously doubt there is a job that pays a billion dollars so the questions must be... What kind of business must you build to make a billion dollars? I can't help but to think that the answer to that last question is "an amazing business". The good news is that it's possible and it actually just happened here in Boise. Cradlepoint just sold for 1.1 billion dollars! this past Friday.
According to Idaho Business Review "Boise-based Cradlepoint, a Boise-based technology company that makes wide-area networking and 5G hardware and software, has been sold to Ericsson for $1.1 billion, which would make it the biggest technology sale in Idaho history."
One can only speculate how many people are going to partake in the profit sharing or somehow end up becoming millionaires sue to the sale. “There will be quite a few new local millionaires from this transaction,” said Pat Sewall founder and former CEO of Cradlepoint in a phone interview with the Idaho Statesman. He left the company in 2012.
Ericsson said in a press release Cradlepoint as the US-based market leader in Wireless Edge WAN 4G and 5G Enterprise solutions. It says it’s spending 1.1 billion bucks on it because it ‘complements Ericsson’s existing 5G enterprise portfolio which includes dedicated networks and a global IoT platform.’ So this is about providing enterprise with bespoke 5G connectivity solutions such as private networks.
Representing the home team George Mulhern, CEO of Cradlepoint said:
“We have led the way in bringing the power of cellular networks and technologies to enterprise and public sector customers – helping them connect beyond the limits of traditional wired WANs,” he added “Ericsson with its global 5G leadership is a great match for us and I am very excited to continue to scale and expand our business together.”
Big things are happening in our quiet little city. Congrats Cradlepoint! Well done.