UPDATE 1-Software security provider Good Technology files for IPO
(Adds background, details from filing)
May 14 (Reuters) - Good Technology Corp, a provider of software security solutions, filed with U.S. regulators on Wednesday to raise up to $100 million in an initial public offering of common stock.
Morgan Stanley, Barclays, BofA Merrill Lynch and Citigroup were lead underwriters of the IPO, the Sunnyvale, California-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus. (r.reuters.com/hut39v)
Venture capital firm Oak Investment Partners is Good Technology's biggest shareholder with a 22.5 percent stake, followed by Draper Fisher Jurvetson that holds 11.7 percent.
Draper had investments in internet phone service Skype and Chinese Internet company Baidu Inc. Its more recent investments include electric carmaker Tesla Motors Inc and cloud-storage IPO candidate Box Inc (IPO-BOX.N).
Good Technology was named a leader in software security services by market research firm Gartner Inc for the past three years.
The company's customers include top banks, insurers, aerospace and defense companies and healthcare providers.
Securing data has been under greater focus in recent years with the rapid proliferation of mobile devices.
A high-profile data breach at Target Corp over the holiday shopping season last year put pressure on large corporations to invest more in guarding sensitive information.
Good Technology's security solutions, used in Apple Inc's iOS and Google Inc's Android mobile operating systems, protect data stored on cloud and mobile devices, and secures more than a billion messages worldwide per week.
The company's loss widened to $118.4 million for the year ended Dec. 31 from $90.3 million a year earlier, but revenue increased 38 percent to $160.4 million.
Good Technology said it planned to use the proceeds from the IPO for working capital and general corporate purposes.
The filing did not reveal how many shares the company planned to sell, their expected price, the sellers or the exchange it planned to list on.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. (Reporting by Amrutha Gayathri in Bangalore; Editing by Joyjeet Das)
- Tweet this
- Share this
- Digg this
- Several Arab countries offer to join air campaign on Islamic State, say U.S. officials
- Google to launch Android One, phones to be priced at around $105
- Islamic State executes eight Sunnis in northern Iraq
- With eye on China, India to develop disputed border region
- Preview: Shinji-mania grips Dortmund ahead of Arsenal clash