Light Reading

Mavenir Files for IPO

Ray Le Maistre
10/7/2013
50%
50%

Mobile data service platform specialist Mavenir has filed for an IPO valued at just more than $86 million, according to documents filed with the SEC.

Mavenir has developed products, specifically its mOne Convergence Platform, that enable mobile operators to deliver a range of data services across 2G, 3G, and 4G networks, including RCS (Rich Communication Services) and voice-over-LTE (VoLTE). It is also one of the industry vendors taking advantage of the shift towards network functions virtualization (NFV). (See Mavenir Offers Virtual Mobile Core, Mavenir Supports RCS for MetroPCS, and Radisys, Mavenir Partner on 4G Voice in Europe & the US.)

Its focus on helping service providers develop new services has enabled it to build a mobile operator customer base of more than 120. Mavenir's customers include AT&T Inc. (NYSE: T), Deutsche Telekom AG (NYSE: DT) , T-Mobile US Inc. (including MetroPCS), Telstra Corp. Ltd. (ASX: TLS; NZK: TLS), and Vodafone Group plc (NYSE: VOD), and it is the company providing the underlying technology for MetroPCS's RCS and VoLTE rollout. (See MetroPCS Puts Comms Startups on Notice.)

That customer base and the growth in demand for mobile data services platforms has helped Mavenir increase its revenues to nearly $74 million in 2012, when it reported an operating loss of $14.6 million.

According to its filing, the company generated revenues of $48.2 million during the first six months of 2013, up more than 20 percent compared with the same period a year earlier, while it reduced its operating loss to $2.6 million for the first half of this year from $4.5 million a year earlier.

Funds for expansion
The company was founded eight years ago and quickly raised venture funding: It has raised more than $100 million in funding since its inception. The CEO, Pardeep Kohli, has been with the company since 2006, when Mavenir had about 50 or so staff. But its potential was obvious -- Light Reading identified it as the industry's most promising startup in that year -- and the company now has 670 staff. (See Mavenir Converges on $13M, Mavenir Names CEO, and Top Ten New Startups.)

Now the company wants to raise money to further expand its business, including its customer base, as while it has sold its technology to many operators, about 55 percent of its revenues in the first half of 2013 came from just four customers (T-Mobile USA, Vodafone, AT&T, and Deutsche Telekom).

In its filing, the company notes that it may use some of its IPO proceeds for targeted acquisitions, something it has done previously. (See Mavenir Bags $40M, Buys Airwide.)

Mavenir also intends to market its products beyond the mobile operator market, with plans to target fixed-line operators and large enterprises that run IP networks.

Of course, helping service providers with their mobile data service creation strategies is something every self-respecting IP systems vendor is looking to do, so Mavenir isn't short of competition. In addition to the main equipment vendors such as Alcatel-Lucent, Ericsson AB, Huawei Technologies Co. Ltd., and Nokia Solutions and Networks (NSN), the company also counts Oracle Corp. (courtesy of its Acme Packet acquisition), BroadSoft Inc. , Comverse Inc., Metaswitch Networks , and Sonus Networks Inc. (Nasdaq: SONS) amongst its fiercest rivals.

— Ray Le Maistre, Editor-in-Chief, Light Reading

(1)  | 
Comment  | 
Print  | 
Newest First  |  Oldest First  |  Threaded View        ADD A COMMENT
DanJones
50%
50%
DanJones,
User Rank: Blogger
10/7/2013 | 11:39:31 AM
One to watch
This should be an interesting test case for other networking infrastructure & software startups -- like, say, Affirmed Networks, to watch.
Educational Resources
sponsor supplied content
Educational Resources Archive
Flash Poll
From The Founder
Then pick up your axe, put on your spandex trousers and get yourself down to Light Reading's Big Telecom Event (BTE). Kerrang!!!
LRTV Custom TV
Next-Generation CCAP: Cisco cBR-8 Evolved CCAP

5|5|15   |   04:49   |   (0) comments


John Chapman, Cisco's CTO of Cable Access Business Unit and Cisco Fellow, explained the innovation design of Cisco's cBR-8, the industry's first Evolved CCAP, including DOCSIS 3.1 design from ground-up, distributed CCAP with Remote PHY and path to virtualization. Cisco's cBR-8 Evolved CCAP is the platform that will last through the transitions.
LRTV Custom TV
Meeting the Demands of Bandwidth & Service Group Growth

5|1|15   |   5:35   |   (0) comments


Jorge Salinger, Comcast's Vice President of Access Architecture, explains how DOCSIS 3.1 and multi-service CCAP can meet the demands of the bandwidth and service group growth.
LRTV Custom TV
DOCSIS 3.1: Transforming Cable From Hardware-Defined Network to Software-Defined Network

4|29|15   |   03:48   |   (0) comments


John Chapman, Cisco's CTO of Cable Access Business Unit and Cisco Fellow, explains how DOCSIS 3.1 can transform cable HFC network to a more agile software-defined network.
LRTV Huawei Video Resource Center
Predicting Traffic Patterns for Quality Mobile Broadband

4|29|15   |   6:45   |   (0) comments


Accessing information ubiquitously creates complexity and creates heavy traffic onto the network, especially at large-scale events like sporting events or festivals. In this video, Huawei's Mohammad Hussain speaks to experts about how to predict traffic and improve user experience during periods of heavy traffic.
Between the CEOs
Ciena CEO: The Web-Scale Revolution

4|28|15   |   10:32   |   (3) comments


Light Reading CEO and founder Steve Saunders goes head-to-head with long-time Ciena CEO Gary Smith to discuss the impact of the web-scale players, the New IP and 'white box' networks.
LRTV Documentaries
Cox Eyes Cloud-Based Home Networks

4|27|15   |   05:30   |   (0) comments


Cox's Jeff Finkelstein explains how moving services to the cloud will let cable deliver services faster and eliminate constant hardware replacements.
LRTV Documentaries
CableLabs' Clarke Updates Cable Virtualization

4|23|15   |   05:41   |   (1) comment


Former BT exec now leading CableLabs' NFV and SDN efforts explains key role of open source and updates efforts to virtualize the home network.
LRTV Interviews
Ericsson's CTO Talks Transformation: Pt. II

4|23|15   |   08:19   |   (1) comment


In the second installment of an in-depth two-part interview, Ericsson's CTO Ulf Ewaldsson talks to Light Reading CEO and founder Steve Saunders about cultural change, network slicing and technology advances.
LRTV Interviews
Ericsson's CTO Talks Transformation: Pt. I

4|23|15   |   09:27   |   (3) comments


In the first installment of an in-depth two-part interview, Ericsson's CTO Ulf Ewaldsson talks to Light Reading CEO and founder Steve Saunders about the incredible transformation underway in the communications networking industry.
LRTV Documentaries
LTE Paves the Way for the 5G Revolution

4|20|15   |   4:20   |   (0) comments


Håkan Andersson, head of 5G product strategy of the Radio Business Unit at Ericsson, discusses the role of LTE, the US and other industry verticals in building a true 5G ecosystem.
LRTV Documentaries
The 3GPP's Road to 5G Standardization

4|17|15   |   4:43   |   (0) comments


Satoshi Nagata, chairman of the 3GPP's TSG-RAN group and a manager at NTT Docomo, explains the standardization process for 5G, as well as the biggest challenges and opportunities.
LRTV Documentaries
AlcaLu CTO Makes the Case for a New 5G Air Interface

4|16|15   |   3:54   |   (0) comments


Michael Peeters, CTO of wireless at Alcatel-Lucent, explains why 5G will require a new air interface to meet its diverse performance targets.
Upcoming Live Events
May 12, 2015, Grand Hyatt, Denver, CO
May 13-14, 2015, The Westin Peachtree, Atlanta, GA
June 8, 2015, Chicago, IL
June 9, 2015, Chicago, IL
June 9-10, 2015, Chicago, IL
June 10, 2015, Chicago, IL
September 29-30, 2015, The Westin Grand Müchen, Munich, Germany
October 6, 2015, Westin Peachtree Plaza, Atlanta, GA
November 11-12, 2015, The Westin Peachtree Plaza, Atlanta, GA
All Upcoming Live Events
Infographics
A study run by Insights in Marketing and commissioned by Meredith shows the devices, channels and ways in which women are consuming content.
Hot Topics
No Service, No Problem: 5 Places That Want to Be Unconnected
Eryn Leavens, Copy Desk Editor, 5/1/2015
Astellia Highlights Customer Care Disconnect
Ray Le Maistre, Editor-in-chief, 4/29/2015
Cisco's Robbins to Replace Chambers as CEO
Sarah Thomas, Editorial Operations Director, 5/4/2015
Sprint Maps Out Its Next-Generation Network
Sarah Thomas, Editorial Operations Director, 5/5/2015
Cyan Says It Wasn't Starving Before Ciena Bid
Dan O'Shea, Managing Editor, 5/5/2015
Like Us on Facebook
Twitter Feed
Webinar Archive
BETWEEN THE CEOs - Executive Interviews
Light Reading CEO and founder Steve Saunders goes head-to-head with long-time Ciena CEO Gary Smith to discuss the impact of the web-scale players, the New IP and 'white box' networks.
Many leading communications companies can claim to have undergone significant periods of reinvention during their histories, but none have been through more major ...
Cats with Phones
Cinco de Mayo Click Here
Cats With Phones says Happy Cinco de Mayo. Accessorize appropriately.