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The latest company to try to go public: Envivio, which said in a filing with the SEC this morning that it hopes to raise as much as $69 million by selling its stock to the public. The San Francisco-based company sells technology used by telecom firms, cable operators, and content owners to deliver video to mobile phones, set top boxes and PCs. Most of its customers are outside the U.S., where its competitors include Harmonic, RGB Networks and Cisco.
The company says in its registration statement that its revenue totaled $30 million last year, nearly double the $16.3 million it reported during its fiscal year 2010. Its net loss was $2.5 million, down from $9.2 million during the prior year.
It hopes to use the proceeds of its offering for “working capital and general corporate purposes,” including the hiring of additional employees. Envivio doesn’t need more cash immediately. It had raised more than $30 million over the years from backers including PE firm HarbourVest and Crescendo Ventures (who together own nearly 40 percent of the company) and still has $10 million in cash.