Good Technology has revealed its IPO filing, after filing confidentially in April. The software security provider plans to raise approximately $100 million in a U.S. IPO.
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Founded in 1996, Good is not yet profitable. The company posted a $118 million net loss on revenue of $160 million last year. In 2012, Good lost $90.5 million on $116 million in revenue. They had accumulated a deficit of $609 million by the end of 2013.
Good says it will benefit from growing demands for software security. “We believe that the market for secure mobility solutions will take an increasing share of IT spend from commercial, non-mobile, software markets,” the company filing says. Good also says it expects to benefit from the “Internet of things,” as a variety of new devices will need security.
Yet the company acknowledges that the competitive landscape may damper their financial results. “Revenue growth may slow or revenues may decline for a number of possible reasons, including slowing demand for our secure mobility solution, increasing competition, changes to our pricing model, a decrease in the size or growth of our overall market, or any failure to continue to capitalize on growth opportunities,” the filing warns.
The Sunnyvale, Calif.-based company has been rumored to go public for a while now. Good has raised $396 million in private equity and venture capital funding and reportedly has a $1 billion valuation.
Oak Investment Partners has the largest stake in the company at 22.5%. Draper Fisher Jurvetson holds 11.7% and Lazard Technology Partners owns 7.6%. CEO Christy Wyatt only has a 3.8% stake.
The company has not yet selected a stock exchange. Underwriters include Morgan Stanley, Barclays, Bank of America Merrill Lynch and Citigroup.