US-based video software provider Kaltura has filed to raise $100m in an initial public offering on the Nasdaq Global Select Market that will enable corporate investors Mitsui and Intel to exit.
Kaltura provides cloud-based video software for the education, media and telecommunication sectors, and had more than 15 million users as of the end of 2020. Its offering includes products that facilitate virtual classrooms, webinars and online television platforms.
The company made a $38.2m net profit in 2020 from just over $120m in revenue. Reports in 2017 suggested it would pursue an IPO the following year, though this is the first time it has filed.
The offering comes after $145m of funding for Kaltura since it was founded in 2006, the most recent of which involved it securing $50m from investment bank Goldman Sachs’ Private Capital subsidiary in 2016.
Venture capital firm Sapphire Venture led Kaltura’s $47m series E round in 2014, back when it was still known as SAP Ventures. Mitsui & Co Global Investment and Intel Capital also took part in that round, on behalf of conglomerate Mitsui and semiconductor technology producer Intel.
The series E round was filled out by NGP Capital, then still operating under the Nokia Growth Partners name, due to its initial owner being communications technology producer Nokia, in addition to venture debt provider Silicon Valley Bank, Nexus Venture Partners, .406 Ventures, Commonfund Capital and Gera Ventures.
Mitsui & Co Global Investment and Orix Ventures, a venture capital arm of financial services firm Orix, had co-led the company’s $25m series D round in 2012.
Intel Capital participated in a $20m series C round for Kaltura in 2011, investing together with Silicon Valley Bank, Nexus Venture Partners, .406 Ventures and Avalon Ventures. The company had previously raised $2.1m from Avalon Ventures and angel investors.
Intel Capital is one of the shareholders that own a stake in the company sized at 5% or more, according to the filing, as are .406 Ventures, Nexus Venture Partners, Avalon Ventures, Sapphire Ventures and Goldman Sachs vehicle Special Situations Investing Group II.
Goldman Sachs, BofA Securities, Wells Fargo Securities and Deutsche Bank have been appointed underwriters for the offering.