Good Technology hopes to raise $100 million in an IPO. It plans to acquire new customers by working with channel partners. Here are the details.
Good Technology CEO Christy Wyatt told MSPmentor back in March that her company is focused on solving customer problems.
Good Technology is riding on the coattails of its competitors by filing a registration statement with the U.S. Securities and Exchange Commission stating its plans to raise $100 million in an initial public offering (IPO).
It's a move that had never been taken off the table by the Sunnyvale, Calif.-based enterprise mobility management company's CEO.
Good Technology's sales strategy is centered around selling its "secure mobility solution and related services primarily to large organizations through a combination of our direct sales force and our channel partnership," the company said in its prospectus
The company plans to acquire more customers by expanding its channel relationships, including distributors, value-added resellers (VARs) and managed service providers (MSPs), the company also said.
Good Technology posted a net loss of $118.4 million on $160.4 million in revenue last year and reported a net loss of $90.4 million on $116.6 million in revenue in 2012.
Good Technology addressed its losses in the document:
"We have aggressively invested, and intend to continue to invest, in expanding our sales and marketing efforts, technology development, and customer care and operations to support our growth. We are also making capital investments in expanding our Good Secure Cloud and technology acquisitions to support our Good Dynamics platform. As a result, we have incurred net losses for the last eight quarters."
The prospectus does not indicate the number of shares to be sold and the price range for the proposed offering -- an exchange name is also missing.
Good Technology CEO Christy Wyatt declined to comment on her company's potential IPO or exit strategies when she spoke to MSPmentor in March 2014, but she did say that too much M&A activity "can also be a distraction for the customer.
"What we're most focused on right now is, as always, solving the customer problem," she told MSPmentor. "Our customers are looking to scale."
Its total revenue was $13.9 million, $40.9 million and $105.6 million in 2011, 2012 and 2013, respectively; but it also incurred net losses of $25.7 million, $46.5 million and $32.5 million in 2011, 2012 and 2013, respectively.
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