Video cloud provider Kaltura has filed for an initial public offering with the US Securities and Exchange Commission (SEC), with a view of listing its shares on the Nasdaq Global Select Market. The company is looking to raise USD 100 million.
In its filing, the company said it had 1,000 customers, 100 million worth of media assets and 15 authenticated users. The company added that it generated USD 120 million worth of revenues last year, with a positive adjusted EBITDA, also for 2019, following adjusted EBITDA losses in both 2017 and 2018. The company reported a net loss for 2020 of USD 38.7 million, wider than the loss recorded in 2019 of 15.6 million. Quarterly revenues rose steadily in the year, with fourth quarter revenues lifting 30 percent from the year before to USD 35 million, from 31 million in the third quarter, 29 million in the second and 26 million in the first.
Kaltura estimates its total addressable market for 2020 at about USD 55 billion, including USD 39 billion from the real-time conferencing market, which the company entered last year with the launch of real-time conferencing capabilities in its Media Services and the introduction of Webinars, Virtual Events, Meetings and Virtual Classroom products.
“Over time, we expect our market opportunity to grow, driven by increased global spend on video software solutions and our expansion into additional technologies and industries, such as telehealth, retail, smart cities, and government,” Kaltura said.
The company said it will going forward put its attention on Industry and Media services. It will focus on acquiring new customers, lifting revenue per customer, improving and introducing new products, and looking for partnerships and acquisitions.
