Hackers used a common scam in which crooks faked communications between top level executives of Ubiquiti to initiate unauthorized wire transfers.
The heist was disclosed by Ubiquiti in its quarterly financial report filed at the US SEC.
The company discovered the unauthorized wire transfers on June 5, 2015.
Ubiquiti wrote in a statement, “This fraud resulted in transfers of funds aggregating $46.7 million held by a Company subsidiary incorporated in Hong Kong to other overseas accounts held by third parties."
The company has till date recevered $ 8.1 million till date.
Ubiquiti is based in San Jose and provides network technology to service providers.