Video analytics startup Vidyard could list within two years
(Reuters) - When InContact Inc, a provider of internet-based call center services, wanted to gauge the success of its video marketing campaign, it turned to Canadian video analytics startup Vidyard.
Vidyard - which says it could list its shares within the next two years - analyzed how many people InContact's videos reached and how long they were watched, enabling its customer to better target its audience.
"(InContact) increased user engagement and click through rate by 57 percent but they also drove ... millions of dollars in pipeline," Vidyard's Chief Executive Michael Litt told Reuters.
Kitchener, Ontario-based Vidyard, dubbed "YouTube for Business" by some in the industry, also enables users to embed video in their websites, view real-time attention span data and share videos on social networks.
The company, whose customers include Salesforce.com, Rockwell Automation Inc and Fidelity National Information Services Inc, expects to double its customer base to about 2,000 over the next year.
Litt said an IPO was not likely in 2014.
"It's something that is kind of within a 24-month perspective," he said in an interview on Wednesday.
Litt, 27, founded Vidyard in 2010 with his college buddy Devon Galloway, who is the company's chief operating officer.
The duo received initial funding from American startup incubator Y Combinator and raised additional funds from angel investors such as Andreessen Horowitz, former BlackBerry Chief Operating Officer Dennis Kavelman and YouTube co-founder Jawed Karim.
Vidyard, which in March secured $6 million in its series A financing led by venture capital firm OMERS Ventures, expects to go in for another round of private financing well ahead of its market debut.
"We are quite pleased in principle with the investment ... we are very pleased with the progression that Vidyard has made in the marketplace," said Kevin Kimsa, managing director at OMERS Ventures.
"We are really in it for the long run."
Vidyard, some of whose products compete with offerings from online video publisher Brightcove Inc, said it expects to at least double its headcount over the next year. It currently employs about 50 people.
(Editing by Maju Samuel)