Boston, MA 06/02/2014 (wallstreetpr) – MobileIron (MOBL) had completed the necessary paperwork regarding the registration of its Initial Public offering.
The company’s plans were reported way back in February 2014. The report released by Bloomberg, believed that the offering would be between $1 billion to $2 billion. MOBL (which will be a symbol used by the company) is a leading player in the mobile phone management sector. It has over 6000 customers, including a number of top firms. The company provides security and management based solutions for both tablets as well as Smartphones.
The company had reported a total revenue of $105.6 million in the year 2013. This was an increase of 158% in a year on year comparison.
IPO to be worth $100 million
MobileIron (MOBL) is working with a number of financial institutions to launch the same. This includes Goldman Sachs. The company is looking to generate nearly $150 million via this venture. MOBL hopes to showcase its growth story in an incredibly competitive sector. The company is expecting close to 280 million sales in the current financial year.
This sector deals in providing encrypted access to employees to company data on both Smartphones as well as tablets. What makes this a challenge is that these devices are not provided by the organization. MOBL has managed to develop software that helps overcome this hurdle.
The company’s biggest rival AirWatch LLC was purchased by VMware, Inc. (NYSE:VMW) for close to $1.54 billion. MOBL was founded in the year 2007 and had raised close to $150 million in funding from venture capitalists. The sector is expected to clock close to $1.6 billion in sales as against $784 million reached two years ago.
In December 2013, Alvaro Monserrat, from Citrix Systems, Inc. (NASDAQ:CTXS) stated that MobileIron (MOBL) and AirWatch were competitive because of their aggressive pricing strategy.
