Redback Networks was founded in August 1996 by Gaurav Garg, Asher Waldfogel, and William M.

[3] The company received seed money from Sequoia Capital.

[5] In November 1999, the company acquired Siara Systems, which at the time only had products in the prototype stage, for $4.3 billion in stock.

[6] In 2000, its share price peaked at $198 but fell to $0.27 in October 2002, after the burst of the dot-com bubble.

[8] In October 2000, the company opened a regional headquarters in Hong Kong.