|Type||Public (NASDAQ: RSYS)|
|Headquarters||Hillsboro, Oregon, USA
|Key people||Brian Bronson, President & CEO|
|Products||embedded operating systems|
|Revenue||$372.6 million USD|
|Operating income||$76.4 million USD|
|Net income||$65.9 million USD|
|Divisions||Communications networking, commercial systems|
RadiSys Corporation is publicly traded company that makes embedded systems and related technology, located in Hillsboro, Oregon, United States. Founded in 1987 in Oregon by former employees of Intel, the company went public in 1995. Products and services include computer architecture, systems integration, embedded operating systems, and middleware, mainly in the communications networking and commercial fields. The company's products are used by original equipment manufacturers in equipment such as MRI scanners, wireless networks, as well as in items used in semiconductor manufacturing and industrial automation. As of 2009, RadiSys had annual revenues of more than $350 million and employed 826 people worldwide. Brian Bronson is the company's chief executive officer.
RadiSys was founded in 1987 as Radix Microsystems in Beaverton, Oregon, by former Intel engineers Dave Budde and Glen Myers. The first investors were employees who put up $50,000 each, with Tektronix later investing additional funds into the company. Originally located in space leased from Sequent Computer Systems, by 1994 the company had grown to annual sales of $20 million. The company's products were computers used in end products such as automated teller machines to paint mixers. On October 20, 1995, the company became a publicly traded company when it held an initial public offering (IPO). The IPO raised $19.6 million for RadiSys after selling 2.7 million shares at $12 per share.
In 1996, the company moved it headquarters to a new campus in Hillsboro, and at that time sales reached $80 million and the company had a profit of $9.6 million that year with 175 employees. Company co-founder Dave Budde left the company in 1997, with company revenues at $81 million annually at that time. The company grew in part by acquisitions such as Sonitech International in 1997, part of IBM's Open Computing Platform unit and Texas Micro in 1999, all of S-Link in 2001, and Microware also in 2001. RadiSys also moved some production to China in order to take advantage of the lower manufacturing costs.
In 2002, the company had grown to annual revenues of $200 million, and posted a profit in the fourth quarter for the first time in several quarters. That year Scott Grout was named as chief executive officer of the company and C. Scott Gibson became the chairman of the board, both replacing Glen Myers who co-founded the company. The company sold off its signaling gateway line in 2003.
They raised $97 million through selling convertible senior notes in November 2003. In 2004, the company stopped granting stock options to employees and transitioned to giving restricted shares for some compensation. RadiSys grew to annual revenues of $320 million by 2005. The company continued to grow through acquisitions such as a $105 million deal that added Convedia Corp. in 2006. RadiSys continued buying assets when it purchased part of Intel's communications business for about $30 million in 2007. After five-straight quarterly losses, the company posted a profit of $481,000 in their 2009 fourth quarter.
In May 2011, the company announced they were buying Continuous Computing for $105 million in stock and cash. Once the transaction was completed in July 2011, Continuous' CEO Mike Dagenais became the CEO of RadiSys. Dagenais left the company in October 2012 with former CFO Brian Bronson taking over as CEO.
The company's world headquarters are located in the Dawson Creek Industrial Park adjacent to the headquarters of FEI Company in Hillsboro, Oregon, within the Portland metropolitan area. RadiSys had over 280 people in its research and development department as of 2009, located in offices in the United States (Oregon, Iowa, Florida), India ([Bangalore]), China (Shanghai), Malaysia (Penang), and Canada (Burnaby, BC). Other locations include Shenzhen in China, Dublin, and sales offices around the world. Overall, the company only builds about 15 percent of their products, with the remainder outsourced to other companies.
RadiSys focuses on two markets: communications networking and commercial systems. The latter makes products for use in the testing, medical imaging, defense, and industrial automation fields. For example, end-products that RadiSys' is a supplier to original equipment manufacturers include items such as MRI scanners, ultrasound equipment, logic analyzers, and items used in semiconductor manufacturing. Communications networking equipment includes those for wireless communications, switches, distribution of video, and internet protocol based networking equipment to name a few.
The company collaborates with its customers' in-house engineering groups, providing expertise in computer architecture, systems integration, embedded operating systems such as OS-9, ASIC design, and middleware. Its modular platforms and building blocks are based on custom form factors as well as industry standards such as AdvancedTCA, COM Express, CompactPCI, and PCI. Individual products include their Convedia Media Servers and Procelerant blades. As of 2009, RadiSys' biggest customers are Philips Healthcare, Agilent, Fujitsu, Danaher Corporation, and Nokia Siemens Network (NSN). NSN was the largest single customer, totaling over 43% of revenues.
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