The prospectus describes an IoT based business with 1.9 million registered users, generating 60 million video streams on a daily basis.
Netgear’s Arlo Technology, a unit that focuses on home security alarms and cameras, announced it has filed for an IPO based on its cloud and IoT business.
The Prospectus: By the Numbers
The company filed a prospectus with the Securities and Exchange Commission detailing specifics about its key IoT product portfolio that include:
- 1.9 million users
- 8 million devices shipped
- 60 million video streams generated daily
- User engagement rate 37% higher than Tinder, Spotify, and Candy Crush Saga
- 2.3 million users hosted by the website in 2017
Merrill Lynch, Deutsche Bank, and Guggenheim Securities are among the investors leading the offering. Raymond James Cowen and Imperial Capital will act as joint book-running managers for the offering.
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The number of shares available and their price have not yet been determined, but Netgear said the offering will involve less than 20% of Arlo’s stock. Netgear will hold on to the remaining stock. The Securities and Exchange Commission must give approval for the offering.
“Our cloud-based platform creates a seamless, end-to-end connected lifestyle solution that provides customers visibility, insight and a powerful means to help protect and connect with the people and things that matter most to them,” Arlo says.
The company generated over $100 million in revenue in Q1 of this year with a net loss of $5.4 million.
