Israeli video cloud management company Kaltura Has postponed the Nasdaq Initial Public Offering (IPO) scheduled for today until an unspecified date. The IPO hasn’t been canceled, but market sources said it was delayed because the company’s valuation demand was lower than expected.
The company submitted a prospectus last week, setting conditions for raising $ 244 to $ 278 million in corporate valuations of $ 2 billion. The outlook said the company will use funds raised for general business purposes such as working capital, R & D expenses, marketing and sales activities, as well as acquisitions of companies and technologies.
Founded in 2006, Kaltura has raised $ 156 million to date, according to IVC, to develop and sell video management systems for businesses and media organizations.
According to the prospectus, Kaltura’s revenue increased 23.7% to $ 120 million, with revenues in each quarter of last year increasing compared to the previous quarter. Revenue is categorized into revenue from subscriptions and revenue from professional services. The gross margin on subscriptions is 72.6%, and while professional services are smaller than in 2019, they have generated gross loss. Subscription revenue in 2020 increased by 22.8% to $ 104 million. Professional Services revenue growth was high at 29.7%, for a total of $ 16.4 million.
Israeli Business News, Published by Gloves- en.globes.co.il -April 1, 2021
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Kaltura’s Nasdaq IPO has been postponed due to low demand
https://en.globes.co.il/en/article-1001365947#utm_source=RSS Kaltura’s Nasdaq IPO has been postponed due to low demand