Mobile content company WiderThan filed for its IPO today….with a detailed document with the SEC (F-1, for a foreign corporations). Some details from it
— It had pro-forma revenues of $71.6 million in 2004, and $70 million for first nine months of this year.
— It has pro-forma profits of $2.14 million in 2004, and $5.9 million for first nine months of this year.
— Revenues from operations of WiderThan Americas (the operations of Ztango) represented 6.6% of its total consolidated revenue for the year ended December 31, 2004 and 18.6% of revenue on a pro forma basis.
— Revenues of $16.1 million from WiderThan Americas in the nine months ended September 30, 2005
— As of September 30, 2005, it had a total of 420 full-time employees and 76 temporary employees, of which 116 are in the United States.
— SK Telecom, Korea’s biggest telecom company, is the second largest shareholder in the company
— U.S. operators using WiderThan: Cingular Wireless, Sprint PCS, T-Mobile USA and Verizon Wireless
— WTHN relies on SK Telecom for the majority of its revenues (approximately 80% and 67% of its revenues in 2004 and in the nine months ended September 30, 2005, respectively)
— Ringback tones is the largest portion of its revenues (approximately 33% and 28% of its revenues in 2004 and in the nine months ended September 30, 2005, respectively)
— The company expects to net $52 million after the IPO, and will use it for expansion, and will be acquiring businesses and technology.
— Competition: (i) NMS, Comverse and Huawei with respect to the ringback tone application service and ringback tone system sales and system integration, (ii) Alcatel, Ericsson, Musiwave and Siemens with respect to music-on-demand, (iii) Mobile365 and Syniverse Technologies with respect to inter-carrier messaging services, (iv) in Korea, Danal, Yaho Communications, 5425.com, Witcom and Cowon and, globally, InfoSpace Mobile, For-Side, Faith, Inc., Kanematsu USA, Sony Music Entertainment and Walt Disney Internet Group with respect to mobile music content and (v) Com2us and Gamevil with respect to mobile games in Korea and JAMDAT Mobile, Digital Bridges, Gameloft, Mforma, Sorrent and THQ Wireless with respect to mobile games in the global market.
— Tom Wheeler, ex-CEO of CTIA, has been elected as a director and board member of the company
– Former CEO and co-founder (and largest shareholder) of the company Tae Won Chey has been sentenced to three years jail in Korea with business fraud related to SK Telecom.
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