M2M specialist Jasper Technologies is working on an initial public offering of shares for next year, people familiar with the matter told the Wall Street Journal. The California-based company is working with banks including Morgan Stanley, Goldman Sachs Group and Deutsche Bank on an offering that could raise USD 150 million and give the business a multibillion-dollar market value, the report said.
Jasper’s software platform helps companies manage devices or products that are internet-connected and to sell additional services through them. Its IPO could help set a valuation for the growing number of 'Internet of Things' companies. The company most recently raised USD 50 million in a round led by Singapore's Temasek Holdings. That deal valued Jasper at more than USD 1 billion and brought its total funding over USD 200 million.
