(Adds background, details from filing)
May 14 Good Technology Corp, a provider of
software security solutions, filed with U.S. regulators on
Wednesday to raise up to $100 million in an initial public
offering of common stock.
Morgan Stanley, Barclays, BofA Merrill Lynch and Citigroup
were lead underwriters of the IPO, the Sunnyvale,
California-based company told the U.S. Securities and Exchange
Commission in a preliminary prospectus. (r.reuters.com/hut39v)
Venture capital firm Oak Investment Partners is Good
Technology's biggest shareholder with a 22.5 percent stake,
followed by Draper Fisher Jurvetson that holds 11.7 percent.
Draper had investments in internet phone service Skype and
Chinese Internet company Baidu Inc. Its more recent
investments include electric carmaker Tesla Motors Inc
and cloud-storage IPO candidate Box Inc IPO-BOX.N.
Good Technology was named a leader in software security
services by market research firm Gartner Inc for the past three
The company's customers include top banks, insurers,
aerospace and defense companies and healthcare providers.
Securing data has been under greater focus in recent years
with the rapid proliferation of mobile devices.
A high-profile data breach at Target Corp over the
holiday shopping season last year put pressure on large
corporations to invest more in guarding sensitive information.
Good Technology's security solutions, used in Apple Inc's
iOS and Google Inc's Android mobile operating
systems, protect data stored on cloud and mobile devices, and
secures more than a billion messages worldwide per week.
The company's loss widened to $118.4 million for the year
ended Dec. 31 from $90.3 million a year earlier, but revenue
increased 38 percent to $160.4 million.
Good Technology said it planned to use the proceeds from the
IPO for working capital and general corporate purposes.
The filing did not reveal how many shares the company
planned to sell, their expected price, the sellers or the
exchange it planned to list on.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting by Amrutha Gayathri in Bangalore; Editing by Joyjeet