Video processing vendor Envivio sets terms for $85 million US IPO

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Envivio, which enables network providers to deliver high-quality video across multiple devices, announced terms for its IPO on Wednesday. The South San Francisco, CA-based company plans to raise $85 million by offering 7.8 million (16% insider) shares at a price range of $10 to $12. At the midpoint of the proposed range, Envivio would command a market value of $325 million. Envivio originally set terms in June 2011 to raise $66 million, but it postponed two weeks later.

Sales increased 69% to $51 million for the 12 months ended 1/31/2012 and net income swung positive to $138,000 (-$2 million in FY11). Customers, which include 9 of the top 10 global broadband providers, increased from approximately 220 in April 2011 to over 300.

Venture capital backers include Crescendo Ventures (selling 3% of its stake; 13% post-IPO ownership), Credit Agricole (selling 3%; 8% post-IPO stake), Saints Capital (selling 7%; 8% post-IPO stake) and Atlantic Bridge Ventures (selling 5%; 5% post-IPO stake). Private equity backers include HarbourVest Partners (not selling; 13% post-IPO stake) and Sageview Capital Master (selling 16%; 8% post-IPO stake).

Envivio, which was founded in 2000 and booked $51 million in sales for the 12 months ended 1/31/2012, plans to list on the NASDAQ under the symbol ENVI. Goldman Sachs, Deutsche Bank Securities and Stifel Nicolaus Weisel are the joint bookrunners on the deal.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , IPOs

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