Casa Systems Gears Up for IPO

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Casa Systems filed an s-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. There were no pricing details given in the offering, but it is valued up to $150 million. The company intends to list its shares on the Nasdaq under the symbol CASA.

The underwriters for the offering are Morgan Stanley, Barclays, Raymond James, and Stifel.

This company provides a suite of software-centric infrastructure solutions that allow cable service providers to deliver voice, video and data services over a single platform at multi-gigabit speeds. In addition, Casa Systems offers solutions for next-generation distributed and virtualized architectures in cable operator, fixed telecom and wireless networks.

Its solutions enable customers to cost-effectively and dynamically increase network speed, add bandwidth capacity and new services for consumers and enterprises, reduce network complexity and reduce operating and capital expenditures.

In terms of finances, the firm described in the filing:

We have achieved significant growth and profitability. For the year ended December 31, 2015, we generated revenue of $272.5 million, net income of $67.9 million and adjusted EBITDA1 of $115.5 million, representing increases of 29.0%, 13.8% and 22.1%, respectively, from the corresponding amounts for the year ended December 31, 2014. For the year ended December 31, 2016, we generated revenue of $316.1 million, net income of $88.7 million and adjusted EBITDA of $129.1 million, representing increases of 16.0%, 30.5% and 11.7%, respectively, from the corresponding amounts for the year ended December 31, 2015. For the nine months ended September 30, 2017, we generated revenue of $233.6 million, net income of $59.6 million and adjusted EBITDA of $93.3 million, representing increases of 7.7%, 22.2% and 25.2%, respectively, from the corresponding amounts for the nine months ended September 30, 2016.

The company intends to use the net proceeds from this offering for working capital and general corporate purposes.