Casa Systems, a US-based broadband connectivity technology provide backed by mass media group Liberty Global, has filed to raise up to $150m in its initial public offering.
Casa produces software technology that enables cable service providers such as Liberty Global to transmit data, video and voice-based content through one platform at multi-gigabit speeds, meaning they can increase network speed and bandwidth capacity.
The company made $59.6m in net income in the first nine months of 2017 from $233m in revenue, with both figures rising year on year.
Casa raised $3.1m in 2009 from two unnamed investors, according to a regulatory filing, before adding $96.5m of funding from investors including growth equity firm Summit Partners, which holds 52.1% of the company’s shares, in 2010.
Liberty Global has not disclosed when its corporate venturing unit, Liberty Global Ventures, invested in Casa or how much it provided, but has confirmed it is an investor. The filing indicates almost 529,000 of the roughly 887,000 shares it holds were issued in 2014 in return for $2.4m of outstanding warrants.
Liberty Global owns a 6% stake in Casa while Dragonfly Trust, a family trust overseen by Casa chairman and CEO Jerry Guo and senior vice-president Lucy Xie, holds a 5.4% stake.
Morgan Stanley, Barclays Capital, Raymond James & Associates, and Stifel, Nicolaus & Company have been appointed underwriters for the offering. Casa intends to float on the Nasdaq Global Market.
– Image courtesy of Casa Systems, Inc.