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GFI Software Files for IPO (Initial Public Offering)?
GFI Software, promoter of the GFI Max platform for managed services providers (MSPs), has filed an IPO prospectus with the SEC. Revenue is growing fast. Profits arrived in Q1 2013. Is an IPO truly coming? Here are the financial details.
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GFI Software, promoter of the GFI MAX platform for managed services providers (MSPs), recently filed an Initial Public Offering (IPO) prospectus with the SEC. The prospectus shows GFI grew top-line revenues about 32 percent in Q1 2013, and the company indicated that it’s working with more than 7,400 MSPs. If a GFI Software IPO occurs, it will be the latest in a growing string of major financial moves from MSP-centric software and cloud companies.
According to the GFI Software prospectus, filed Aug. 16 with the SEC:
The company had 270,000 customers in more than 180 countries as of March 31, 2013 — up from 89,000 customers in December 2008. No single customer generated more than 1 percent of GFI’s total billings in 2010, 2011 or 2012.
“We believe there are over 200,000 value-added resellers, or “VARs,” globally, and that the percentage of VARs who are moving to an MSP business model is growing rapidly.”
Revenues reached $34.8 million in Q1 2013, up 32 percent from Q1 2012.
Net income reached $5.0 million in Q1 2013, reversing a $10.4 million loss in Q1 2012.
GFI Max points to the following MSP software companies as key rivals: Kaseya, LabTech Software, Level Platforms (acquired by AVG), N-able (acquired by SolarWinds) and Continuum Managed Services.
GFI Software also sees competition from Citrix GoToMyPC and GoToMeeting, LogMeIn, WebEx (owned by Cisco Systems), McAfee (owned Intel), Symantec Norton, Microsoft, Qualys, and Proofpoint, among others.
As of March 31, 2013: 7,400 MSPs licensed GFI MAX to manage approximately 694,000 devices for their customers.
So where does GFI go from here? We’re checking in to see if an IPO is potentially on the calendar — and if so, when?
Meanwhile, the GFI prospectus represents the latest in a growing list of financial news from major MSP-focused software and cloud companies. Earlier this week, Datto accepted a $25 million venture capital investment. And a few weeks ago, such companies as N-able Technologies, Level Platforms, Kaseya and Zyrion each were acquired.
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