MobileIron this week filed a registration statement with the U.S. Security and Exchange Commission, indicating plans to raise up to $100 million.
MobileIron CEO Bob Tinker.
MobileIron this week filed the necessary paperwork to take the company public in an initial public offering (IPO) that it hopes will raise $100 million. The company filed a registration statement with the U.S. Securities and Exchange Commission (SEC), on Monday, a move many in the channel expected to be made within the year.
Indeed, MobileIron CEO Bob Tinker spoke exclusively with MSPmentor last month regarding the state of the market and what might be in store for the company. The enterprise mobility management (EMM) company named Morgan Stanley & Co. LLC; Goldman, Sachs & Co.; Deutsche Bank Securities Inc.; and Barclays Capital Inc. as the book-running managers for the offering.
In its S-1 filing, the EMM company noted that its business model is based on "winning new customers, expanding sales within existing customers, upselling new products and renewing subscriptions and software support agreements."
It further stated that its sales team "works closely with our channel partners, including resellers, service providers and system integrators" to acquire new customers.
MobileIron said its total revenue was $13.9 million, $40.9 million and $105.6 million in 2011, 2012 and 2013, respectively -- with revenue from subscription and perpetual licenses in 2013 representing approximately 14 percent and 66 percent of total revenue in 2013, respectively.
The company incurred net losses of $25.7 million, $46.5 million and $32.5 million in 2011, 2012 and 2013, respectively.
A MobileIron spokesperson told MSPmentor that the company does not have any additional comment on the issue at this time.
MobileIron plans to list its common stock under the symbol "MOBL," but it did not specify the name of a specific stock exchange.
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