Envivio Files for $85 Million Goldman Sachs Led IPO

Posted by Joe Zaller
Apr 12 2012

Video encoding and transcoding specialist Envivio, which recently closed a $16.5m fundraising round, said it intends to sell 7.755m shares through an IPO backed by Goldman Sachs, Deutsche Bank and Stifel Nicolaus and William Blair & Company.  The deal, which will officially price on April 24th, is expected to raise about $85m at a price of $10 – $12 per share.  Envivio filed for IPO last year, but the offering has been delayed.  It now appears to be back on the table. The company has revised its S-1 (IPO) filing multiple time, and the latest version is the first to name its underwriters.

According to its latest S-1 filing Envivio is selling 6.5m shares in the offering.  An additional 1.255m shares are being sold by current Envivio investors including Sageview Capital Master, L.P., Atlantic Bridge, Crédit Agricole Private Equity and Crescendo Ventures.  Many of these firms are long-term inveestors in Envivio.  Sageview Capital Master, L.P. and Crédit Agricole Private Equity participated in the recent $16.5m fundraising round when they purchased 2,500,00 and 100,000 shares of Envivio respectively.

For the full year ended January 31, 2012 Envivio’s revenue was $50.6m, an increase of 69% over the previous year.  The company attributed the increase in sales to increased consumer demand for multi-screen video services, and continued growth into the North American market.

Envivio’s net profit for the full year was $138,000, versus a net loss of $2.5m during the previous year. Operating income for the year was $659,000, versus a loss of $1.99m last year.  Gross margins for the year were 63%, up from 62% during the previous year.

The company had $27.4m in cash, up from $10m at the end of last year.

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Related Content:

April 2012 Envivio S-1/A filing

Envivio Reports Revenue Was Up 69 Percent in FY 2012, Updates IPO Documents

Envivio S-1/A Filing: Ammended S-1 (IPO) filing with the SEC

Envivio Closes $16.5 Million Fundraising Round

Envivio D/A Filing: Disclosed newly raised funds

TechCrunch Article: On-Demand Video Services Company Envivio Files To Go Public

Previous year: Envivio Says it Doubled Revenue in Fiscal 2011

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