- General
- August 3, 2019
- 5 minutes read
Infobip Reportedly Mulling U.S. IPO
Infobip CEO Silvio Kutic image: Infobip According to a report from Bloomberg [paywall], Infobip — a Croatian cloud communications company…
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| Infobip CEO Silvio Kutic
image: Infobip
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According to a report from Bloomberg [paywall], Infobip — a Croatian cloud communications company that counts the likes of Uber, Rakuten’s Viber, Zendesk, WhatsApp and Burger King as customers — is considering an IPO in New York as it makes plans to expand in the US. This was confirmed by Infobip’s CEO Silvio Kutic in a phone interview.
A public listing “is something that we are discussing at the moment,” Kutic said. “We are constantly thinking, checking, when to go in this direction and maybe in the next few months, half a year, a year, there shall be a decision.” According to Kutic, Infobip generated about 435 million euros ($485 million) in 2018 revenue. The Croatian company is controlled by three founders who collectively own 90% of is shares, with the remaining 10% held by employees.
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| An Infobip team at a Mobile World Congress exhibition
image: Infobip
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An expansion in the U.S. will place Infobip against a well-known competitor, Twilio, which recorded $650 million in 2018 revenue, up an impressive 63% from its 2017 revenue [$399 million]. Infobip recently strengthened its presence in the U.S. by opening an office in the New York, its second in the country. “We are now preparing for our big push,” Kutic said. “Today, about 35% of our revenue comes from U.S.-based customers, but these are the digital native companies from Silicon Valley, who operate with us internationally.”
With $485 million in 2018 revenue [but depending on growth rates], it wouldn’t be surprising to see Infobip have a market cap that’s multiples of that figure if it goes public in the US. For comparison, Twilio with $650 million in 2018 revenue trades a market cap near $18 billion [as of writing]. But that’ll be attributed to its impressive growth stats, with a recently announced $275 million in Q2 2019 revenue, up 86% from the same period last year.
