Carbonite Proposes Initial Public Offering (IPO)

Carbonite Proposes Initial Public Offering (IPO)

Carbonite, the online data backup provider, is proposing an initial public offering (IPO) of shares of its common stock, as reported on BostInnovation.

Final details of the number of shares offered and the price haven’t been revealed yet, but in filing a Form S-1 with the Securities and Exchange Commission (SEC), it’s looking to go public imminently.

The S-1 states that Carbonite lost over $25m in the last financial year, however, it has been rumoured for a number of months that the company was seeking to go down the IPO route, with some commenting that it was aiming to become the Symantec of online backup.

Carbonite has invested a lot in marketing and advertising, which goes some way towards explaining its losses last year. But the company generated revenue of $38.6 million in 2010, and $12.8 million in the three months ended March 31.

Carbonite is based in Boston, and was founded in 2005. It hasn’t had a lack of investors, securing $66m in funding so far, which is indicative of the company’s potential profitability.

The IPO seems to be the next logical step for Carbonite, whose investors will be eager to see the company return profits soon.

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