Internship Report Kodati Soujanya 10BM60039

8/6/2019 Internship Report Kodati Soujanya 10BM60039

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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%.


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.


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

Documents

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