Kaltura, a company that brings a wide range of video technologies to customers, is preparing for an IPO. It filed on March 1 with the SEC for an IPO and plans to offer 23.5 million shares at $14 to $16 each and totals $353 million, according to Renaissance Capital. The new ticker symbol "KLTR" will trade on the Nasdaq Exchange starting on April 1.
Kaltura offers video products including a video portal, town halls, and video messaging. It also has Kaltura media services, education services, virtual events, and webinars and meetings. Some of Kaltura’s competitors in the media space include Microsoft Teams, Microsoft/Azure Media Services, Amazon/AWS Media Services, Twilio, and Zoom.
Recently, BusinessWire reported that while there are many competitors in the online video platforms market, a few major players are dominating the market including Kaltura, Vimeo, YouTube, and Dailymotion. Kaltura’s mission is “to power any video experience, for any organization.”
Kaltura's latest news
Kaltura filed its S-1 to go public on March 1 and will start trading on April 1, according to IPOScoop. The joint underwriters for the IPO deal are Goldman Sachs, BofA Securities, Wells Fargo Securities, and Deutsche Bank.
The underwriters will have the option to purchase up to 3.53 million additional shares. Insiders are offering 26 percent of the shares available.
Is Kaltura profitable?
Kaltura’s online video cloud platform is used by over 1,000 brands and organizations including Bosch, IBM, and Dropbox. Data from Research and Markets projects a 16 percent CAGR for 2021–2026 of the online video platforms market. Companies like Kaltura have benefited from shifts in education and entertainment video use amid the COVID-19 pandemic.
The company was founded in 2006. In 2020, Kaltura reported revenue of $120.4 million for a YoY increase of 23 percent, according to Newsbreak. The annual net losses were $58.7 million. In its prospectus, the company warned that it has recorded losses every year and “doesn’t know when it will ever become profitable.”
Kaltura’s IPO valuation and stock price
According to Renaissance Capital, Kaltura plans to offer 23.5 million shares of common stock in its IPO with a price range of $14–$16 apiece. The deal totals $353 million.
The Kaltura IPO is expected to result in a $2.2 billion fully diluted market value.
Prior investors in Kaltura include NEXUS Venture Partners, .406 Ventures, Avalon Ventures, Intel Capital, Orix, Mitsui Global Investment, Sapphire Ventures, NGP Capital, and Goldman Sachs, according to the company's website.
Kaltura's IPO plans
Kaltura is going public with an IPO and is expected to start trading on April 1. Some of the company's executive leadership team members include co-founder, chairman, and CEO Ron Yekutiel; CFO Yaron Garmazi; and co-founder, president, and GM Tech Dr. Michal Tsur. Shay David is another co-founder, who serves on the board of directors.
Yekutiel said, “We are honored to offer the most open, flexible, and collaborative video platform in the market, catering to any video use case and helping to democratize media and make it accessible and impactful for so many organizations and people around the world.”