GFI Software Updates Potential $100 Million IPO Plan
GFI Software, promoter of GFI Max solutions for MSPs, on Sept. 27. filed an amended prospectus with the SEC. The move may signal that GFI Software is nearing a proposed IPO (initial public offering) worth up to $100 million.
Within the SEC filing, GFI conceded that the prospectus was incomplete and may change. But according to the Sept. 27 filing:
- GFI's customer base has grown from over 89,000 customers as of Dec. 31, 2008 to over 280,000 customers in over 180 countries as of June 30, 2013.
- No single customer accounting for greater than 1 percent of GFI's total billings in the first six months of 2013.
- For the first six months of 2013, revenue was $95.5 million, up 10 percent from the first six months of 2012.
- Net income was $3.2 million (after the sale of discontinued operations for $10.5 million) for the six months ended June 30, 2013, compared to a net loss of $30.0 million for the six months ended June 30, 2012.
- GFI believes there are more than 200,000 VARs globally, and that the percentage of VARs who are moving to an MSP business model is growing rapidly.
Is GFI preparing to go public really soon? The company has previously declined to offer additional IPO insights to MSPmentor. In recent weeks, GFI has hosted MSP-centric partner conferences across the globe. If GFI Software executives start flocking to Wall Street, it could be a sign that recent meetings have shifted from MSPs to investors. We'll be watching.
Many MSP-centric software companies are seeking paths to long-term IPOs or financial events. We've got the details on background, with more insights to come.