MILPITAS, Calif.--(BUSINESS WIRE)--Aerohive Networks® (NYSE: HIVE), a leader in cloud-managed networking, today announced the conclusion of a successful 2019 E-rate filing cycle. The value of 2019 E-rate Form 471 funding requests filed for Aerohive products and services increased by approximately 55 percent year-over-year to more than $37 million, as reported by E-rate Profit Works. This strong growth was the result of a return to significant growth in the 2019 E-rate cycle, combined with an increase in Aerohive’s market share to over 10% of all “wireless data distribution” funding requests. Aerohive also saw a 12% increase in the number of schools requesting funding to deploy Aerohive solutions. Aerohive expects these funding requests to result in orders beginning in the second quarter, but primarily over the second half of the year. The final value of the orders for Aerohive products and services will exclude channel margins, which are included in the value of the 471 funding requests.
“We are seeing clear signs that the US Education market is returning to growth as it looks for better ways to fold technology into curriculum, and as it starts the upgrade to Wi-Fi 6,” said David Flynn, president and chief executive officer, Aerohive Networks. “With the increased proliferation of digital learning technologies in the classroom, administrators have quickly realized the immediate need for better and simpler choices to keep their students safe while collaborating online. Our Cloud-managed AI- and ML-driven network architecture makes deploying, securing, and managing student devices simple and secure for schools and libraries.”
“After reviewing the Aerohive E-rate results, it is clear that their market share in E-rate is increasing, their focus is sharpening, and we are looking forward to closing out a strong season with them,” said Zack Hubeck, vice president of sales & marketing at WAV Inc.
About E-rate -- The FCC's E-rate program makes telecommunications and information services more affordable for schools and libraries. In recent years, the FCC refocused E-rate from legacy telecommunications services to broadband, with a goal to significantly expand Wi-Fi access. These steps to modernize the program are helping E-rate keep pace with the need for increased Internet access. (Learn more at https://www.aerohive.com/e-rate and https://www.fcc.gov/e-rate-update.)
About Aerohive Networks
Aerohive uses Cloud Management, Machine Learning, and Artificial Intelligence to radically simplify and secure the Access Network. Our Cloud-Managed Wireless, Switching, Routing, and Security technologies provide unrivalled flexibility in deployment, management, and licensing. Credited with pioneering Controller-less Wi-Fi and Cloud Management, Aerohive delivers continuous innovation at Cloud-speed that constantly challenges the industry norm, allowing customers to rethink what’s possible. Our innovations and global cloud footprint radically simplify Access Network operation for 30,000+ customers and 10+ million daily users. See how at www.aerohive.com/customers.
Aerohive was founded in 2006 and is headquartered in Milpitas, CA. For more information, please visit www.aerohive.com, call us at 408-510-6100, follow us on Twitter @Aerohive, subscribe to our blog, or become a fan on our Facebook page.
Safe Harbor Statement
This press release contains forward-looking statements, including statements regarding the potential value of business available to the Company under the federal E-rate program, and the timing of such business, growth in the education market in general, and the Company’s share of such market, new Aerohive product and service offerings and statements regarding their expected performance, market receptiveness and competitive advantage. These forward-looking statements are based on current expectations and are subject to inherent uncertainties, risks and changes in circumstances that are difficult or impossible to predict. The actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of these uncertainties, risk and changes in circumstances, including, but not limited to, risks and uncertainties related to: general demand for wireless networking in the industry verticals targeted or demand for Aerohive products in particular, unpredictable and changing market conditions, risks associated with the deployment, performance and adoption of new products and services, risks associated with our growth, competitive pressures from existing and new companies, technological change, product development delays, our inability to protect Aerohive intellectual property or to predict or limit exposure to third party claims relating to its or Aerohive's intellectual property, and general market, political, regulatory, economic and business conditions in the United States and internationally.
Additional risks and uncertainties that could affect Aerohive’s financial and operating results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Company’s recent annual report on Form 10-K and quarterly report on Form 10-Q. Aerohive’s SEC filings are available on the Investor Relations section of the Company’s website at https://ir.aerohive.com and on the SEC's website at www.sec.gov. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Aerohive Networks disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
“Aerohive” and “Aerohive Networks” are registered trademarks of Aerohive Networks, Inc. All product and company names used herein are trademarks or registered trademarks of their respective owners. All rights reserved.