Almost all of Airvana's revenue came through one customer: Nortel Networks. The Chelmsford, Massachusetts company built internet-based equipment that let wireless carriers deliver broadband over the EV-DO standard, and Nortel resold it under an OEM deal. Through Nortel, Airvana's products reached more than 30 operators, including Verizon Wireless, Sprint Nextel, Alltel and Telus. In July 2007, weeks after the first iPhone went on sale, Airvana went public at $7 a share.

Built on Internet Protocol

Airvana was incorporated in Delaware in March 2000. Its bet was that cell networks would run on internet technology and carry far more than voice calls. Airvana combined wireless communications, IP and broadband networking into products that brought internet access, email, music, video and gaming to mobile devices. By 2007 it was also working on UMTS networks and on small in-building systems for better indoor coverage.

Taken Private at $7.65

Airvana priced its IPO at $7 a share in July 2007 and listed on the Nasdaq Global Market as AIRV. It sold 8.3 million shares. In December 2009 it agreed to sell itself to a new company owned by affiliates of S.A.C. Private Capital, GSO Capital Partners and ZelnickMedia, with some existing holders rolling over their stakes. Shareholders received $7.65 a share in cash, and the stock left Nasdaq in April 2010.

Cover: Gust of wind, Théophile-Alexandre Pierre Steinlen. Art Institute of Chicago, public domain. Chosen for a gust of wind (signals through the air).