This company invented what it calls a “purpose-built mobile IT platform for enterprises to secure and manage mobile applications, content and devices while providing their employees with device choice, privacy and a native user experience.” In short, it is for companies where mobile communications is primary. Its mobile IT platform aims to protect corporate data, deliver apps and content, and give users choice of popular mobile devices.
Mobile Iron’s business model is based on new customers, expanding sales within existing customers, upselling new products and renewing subscriptions and software support. The company has sold its platform to more than 6,000 customers since 2009. In 2013, the company generated nearly half of its gross billings from recurring sources — and its renewal rate was shown to be greater than 90% for software support agreements and subscription licenses.
No details were given for the IPO. The underwriting syndicate includes the following investment banking firms: Morgan Stanley, Goldman Sachs, Deutsche Bank, Barclays, Raymond James, Nomura and Stifel.
Mobile Iron gave the following sales and income data:
Our gross billings were $27.4 million, $68.0 million and $100.8 million in 2011, 2012 and 2013, respectively, representing growth rates of 148% from 2011 to 2012 and 48% from 2012 to 2013. Our total revenue was $13.9 million, $40.9 million and $105.6 million in 2011, 2012 and 2013, respectively. Revenue from subscription and perpetual licenses in 2013 represented approximately 14% and 66% of total revenue in 2013, respectively. The balance, constituting 20% of total revenue for 2013, was software support and services revenue, including revenue from agreements to provide software upgrades and updates, as well as technical support, to customers with perpetual software licenses. Excluding $21.1 million of revenue recognized in 2013 from perpetual licenses delivered in prior years, our total revenue was $84.5 million in 2013. We have incurred net losses of $25.7 million, $46.5 million and $32.5 million in 2011, 2012 and 2013, respectively.
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