Bandwidth, an organization that helps companies with voice and textual content communication, debuted on the Nasdaq on Friday, going up about 6 % on its first day of buying and selling. After pricing its IPO on the backside of the anticipated vary at $20 per share, the corporate closed Friday at $21.19, or up about 6 %.
The Raleigh, North Carolina-based firm raised $80 million in its providing. Bandwidth, which beforehand bootstrapped, will probably be utilizing the capital for hiring and R&D.
Bandwidth has been “cash flow positive and profitable for a long time,” co-founder and CEO David Morken advised TechCrunch. He began the corporate in 1999 after which later began Republic Wi-fi, a wi-fi supplier division that was not too long ago spun off as a separate firm.
Bandwidth competes with Twilio and Nexmo, which it claims “offer a narrower set of software APIs, less robust customer support and fewer other features while relying on third-party networks and physical infrastructure.”
It additionally competes with AT&T, Degree three and Verizon, which it characterizes as “network service providers that offer limited developer functionality on top of their own networks and physical infrastructure.”
Bandwidth says it has been capable of persuade 865 massive enterprises, together with GoDaddy and ZipRecruiter, that its API integrations are higher high quality, partly as a result of it has its personal voice community.
Bandwidth introduced in $152.1 million in income final 12 months. This compares to $137.eight million in 2015.
For 2016, the corporate had $22.four million in revenue; 2015 had a lack of $6.7 million.
TechCrunch is owned by Verizon, which does enterprise in the identical area as Bandwidth.
Featured Picture: Bandwidth
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