Cradlepoint Acquisition, Valuation, Funding & Investors

Cradlepoint was acquired by Ericsson for $1.1B in September 2020, a 8.0x multiple on $137M of revenue.

Cradlepoint acquisition price

$1.1B

Acquired by Ericsson · Sep 2020

Cradlepoint revenue at acquisition

$137M

Last twelve months · Sep 2020

Cradlepoint revenue multiple at acquisition

8.0x

EV/Revenue · Sep 2020

Cumulative funding Cradlepoint raised

$138M

across 3 funding rounds

Cradlepoint Overview

About Cradlepoint

Cradlepoint is a Boise-headquartered provider of wireless edge networking solutions for enterprise and public sector clients. The NetCloud platform pairs 4G LTE and 5G routers with cloud management for branch offices, vehicles, and IoT deployments. Customers including Fortune 100 companies and major U.S. cities deploy Cradlepoint gateways for primary connectivity, failover, and remote monitoring. Development centers operate in Silicon Valley and Kelowna, with sales offices across UK, Australia, and Japan.


Founded

2006

HQ

United StatesBoise, ID

Status

Acquired

Customer focus

B2B & B2G

Revenue model

Product sales, Subscription

Revenue

$137M (Sep 2020)

Valuation

$165M (Apr 2015)

Cradlepoint Acquisition

Cradlepoint was acquired by Ericsson for $1.1B on 17 September 2020.

The acquisition price implies a 8.0x revenue multiple on $137M of revenue.

Before the acquisition Cradlepoint had raised $138M across 3 funding rounds.

Cradlepoint acquisition details
AcquirerDateTypePriceEV/Revenue
17 Sep 2020Strategic M&A$1.1B8.0x

Cradlepoint Valuation

Cradlepoint is currently valued at $165M, based on its Series B in April 2015.

The $48M round was led by Sorenson Capital, with participation from Delta-v Capital and The CAPROCK Group.

Cradlepoint valuation by funding round

Cradlepoint valuation by funding round
DateStageValuation
Apr 2015Series B$165M

Cradlepoint Funding History

Cradlepoint has raised a total of $138M across 3 funding rounds.

Cradlepoint's first fundraising round was a $48M Series B in April 2015. The most recent completed round was a $89M Series C in March 2017.

Cradlepoint funding rounds

Cradlepoint funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2017Series CTCV (lead)$89M-Cradlepoint, founded in 2004, develops wireless networking solutions, including routers and SD-WAN technology for enterprise and IoT connectivity, competing with companies like Netskope, Aryaka Networks, Versa Networks, Masergy, and Riverbed. The company raised a total of $154.85M to $162.3M across 7 to 10 funding rounds from investors including TCV, Ericsson, and The CAPROCK Group. Its latest VC round before acquisition was a Series C of approximately $89M on March 9, 2017, led by TCV, aimed at strategic expansion, product development, market penetration, and operational scaling. TCV, known for investments in Netflix, Splunk, and others, continued its focus on high-growth tech firms with this deal. Cradlepoint was later acquired by Ericsson on September 18, 2020, and completed acquisitions like Ericom and Pertino.
Feb 2017Pre-seedTCV; Sewall Bond; Trolley House Angels; Gem State Angel Fund$700K--
Apr 2015Series BSorenson Capital (lead); Delta-v Capital; The CAPROCK Group$48M$165MCradlepoint, based in Boise, raised $48 million in Series B growth equity financing on April 13, 2015, led by venture capital firm Sorenson Capital, with participation from Delta-v Capital and the Caprock Group. The company provided cloud-connected wireless routing solutions and network management platforms serving enterprises and public sector organizations. The funding was intended to support international expansion, enhance the cloud platform with additional billable services, and potentially fund strategic acquisitions. Sorenson Capital partner LeGrand Lewis joined Cradlepoint's board as part of the investment. By 2019, Cradlepoint had exceeded $130 million in annual revenue, achieving approximately 30% year-over-year growth after transitioning to a subscription-based business model with support from Sorenson Capital. The company built a customer base exceeding 20,000 enterprises and public sector organizations, including major companies like Starbucks, Walmart, State Farm, and Amazon. Ericsson subsequently acquired Cradlepoint for $1.1 billion in November 2020 to expand its 5G capabilities.

Who has invested in Cradlepoint?

7 investors have backed Cradlepoint across its funding rounds, including TCV, Sorenson Capital, Delta-v Capital, The CAPROCK Group, Gem State Angel Fund and Trolley House Angels.

Lead investors include TCV and Sorenson Capital.


Cradlepoint Investors

Investors in Cradlepoint by funding rounds participated
InvestorHQRoundsRoleFirst check
TCVUnited StatesSan Francisco, CA2LeadFeb 2017
Delta-v CapitalUnited StatesBoulder, CO1ParticipantApr 2015
Sorenson CapitalUnited StatesSalt Lake City, UT1LeadApr 2015
The CAPROCK GroupUnited StatesBoise, ID1ParticipantApr 2015
Sewall BondUnited StatesBoise, ID1ParticipantFeb 2017

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Acquisitions by Cradlepoint

Cradlepoint has acquired 3 companies to date.

Last acquisition by Cradlepoint was on April 4th 2023. Cradlepoint acquired Ericom Software for undisclosed valuation.


Latest Acquisitions by Cradlepoint

Ericom Software
Quortus
Pertino
Description
Ericom Software is a developer of cloud cybersecurity platforms such as Ericom Shield for web isolation, Ericom AccessToGo for secure remote desktop access, and Ericom Secure Gateway for application shielding. Headquartered in Closter, New Jersey, with offices in Ra'anana, Israel, and Reading, United Kingdom, it safeguards distributed workforces from ransomware, phishing, and browser-based threats through zero-trust access controls and virtual browser technologies. The company's solutions deploy across enterprise networks, virtual desktop infrastructures, and SaaS environments.
Quortus is a Southampton-based provider of virtualized mobile core network software implementing 4G LTE, 3G UMTS, and 2G GSM functions. Its EdgeCentrix platform deploys on COTS hardware, clouds, or embedded devices to enable private LTE networks for enterprises, public safety, and rural coverage. Quortus interworks with small cells, HetNets, and EPC cores from Ericsson and Nokia. Acquired by Microsoft in 2021, the technology supports fixed-mobile convergence and deployments in mining sites and emergency response scenarios worldwide.
Pertino is a Los Gatos-based provider of cloud networking as a service that enables enterprises to create secure virtual private networks over the public Internet using SDN and NSV technologies. Acquired by Cisco in 2015, its platform powered connections for over 5,000 customers across 70 countries, integrating with app stores for services like firewalls and WAN optimization.
HQ CountryUnited StatesUnited KingdomUnited States
HQ City
Closter, NJ
Camberley
San Jose, CA
Deal Date4 Apr 202321 Dec 20218 Dec 2015
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Cradlepoint Competitors

Cradlepoint competitors include listed companies like Gosuncn Technology Group and Arcadyan Technology, and private ones like Meter, Inspur Cloud, Helium and Krutrim.

Public and private companies comparable to Cradlepoint
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MeterUnited StatesUnited StatesPrivate--$1B-
Gosuncn Technology GroupChinaChinaPublicly listed$297M$7M$1.1B3.2x
Arcadyan TechnologyTaiwanTaiwanPublicly listed$1.7B$132M$1.1B0.5x
Inspur CloudChinaJinanPrivate--$1B-
HeliumUnited StatesSan Francisco, CAPrivate--$1.2B-
KrutrimIndiaBangalorePrivate--$1B-

Cradlepoint Public Comps

Cradlepoint is no longer listed, but its public comps include Plejd, Tuya, EmbedWay, Gosuncn Technology Group, Invisio, Arcadyan Technology, Aeva, Plover Bay Technologies, Ituran Location & Control and Chengdu CORPRO Technology.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Plejd$95M$32M11.4x9.1x33.6x25.2x
Tuya$322M$22M0.4x0.3x5.5x3.2x
EmbedWay$156M$11M6.8x6.9x100.6x99.2x
Gosuncn Technology Group$297M$7M3.7x3.2x165.4x42.7x
Invisio$177M$39M6.0x5.1x27.3x23.2x
Arcadyan Technology$1.7B$132M0.5x0.5x6.2x6.0x
Aeva$18M($139M)54.7x35.6x(7.1x)(8.7x)
Plover Bay Technologies$130M$56M7.7x6.9x17.9x15.7x

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Common questions about Cradlepoint

When was Cradlepoint founded?Cradlepoint was founded in 2006.
Where is Cradlepoint headquartered?Cradlepoint is headquartered in Boise, ID, United States.
Is Cradlepoint publicly listed?No, Cradlepoint was acquired by Ericsson in September 2020.
Who acquired Cradlepoint?Cradlepoint was acquired by Ericsson in September 2020.
How much was Cradlepoint acquired for?Cradlepoint was acquired for $1.1B in September 2020, a 8.0x revenue multiple.
What is Cradlepoint's valuation?Cradlepoint was last valued at $165M in its Series B in April 2015.
How much funding has Cradlepoint raised?Cradlepoint has raised $138M across 3 funding rounds.
What was Cradlepoint's last funding round?Cradlepoint's last funding round was a $89M Series C in March 2017, led by TCV.
Who are Cradlepoint's investors?Cradlepoint's investors include TCV, Delta-v Capital, Sorenson Capital, The CAPROCK Group, Sewall Bond, Trolley House Angels and Gem State Angel Fund.
Which companies are comparable to Cradlepoint?Companies comparable to Cradlepoint include Meter, Gosuncn Technology Group, Arcadyan Technology, Inspur Cloud, Helium and Krutrim.
How many companies has Cradlepoint acquired?Cradlepoint has acquired 3 companies, including Ericom Software, Quortus and Pertino.

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