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. The IPO raised $19.6 million for Radisys after selling 2.7 million shares at $12 per share. 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 its 2009 fourth quarter. In May 2011, the company announced it was 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. Arun Bhikshesvaran took over as CEO in July 2019. ==Products==