Mobile network software provider Mavenir files for IPO; $427M in FY19 sales, $81M loss

Mavenir (MVNR), provider of cloud-native software for mobile networks, files to offer an unspecified number of Class A shares on the Nasdaq under the “MVNR” ticker.

The S-1 includes the $100M placeholder, meaning the offering will seek in the low nine-figure range when it prices.

Mavenir’s software allows wireless service providers to operate networks in a more flexible and cost-efficient way by “leveraging open interfaces and running on commercial-off-the-shelf hardware with a layer that virtualizes hardware resources.”

The company’s customer base includes over 250 wireless service provider who serve close to 4B subscribers across approximately 120 countries. This includes 17 of the 20 largest wireless service providers, including all three of the largest carries in the United States.

As of September 30, Mavenir says 50% of customers have been with the company for 12 or more years.

Financials: 2019 revenue totaled $427.4M (+9% Y/Y) with $330.9M in product sales (+15%). Net losses decreased from $97.2M in FY18 to $81M. Adjusted EBITDA increased from $97.4M to $105.1M.

Structure: Mavenir’s Class A shares have one vote/share and the Class B shares have 10 votes.

Mavenir has a complicated history that involves going public in 2013, a go-private acquisition by Mitel in 2015, a rebrand as Mitel Mobile, sale to Xura, and being merged with Xura by Siris Capital and once again taking on the Mavenir name.

Mavenir first went public in 2013, raising $44.5M in the offering. The company was taken private by Mitel for $560M in 2015, which sold the company to

Earlier this year, Mavenir signed a multiyear deal with Dish Network (NASDAQ:DISH) to deliver cloud-native OpenRAN software to support Dish’s software-defined 5G wireless broadband network.

Here’s a look at Mavenir’s organizational structure with the percentages to be filled in at a later time:

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