Saturday, April 20, 2013

Kony mulls IPO

US and UK-based company Kony Solutions, which sells annual subscriptions to enterprise customers for an app development platform service, has entered into discussions with banks, including JPMorgan Chase and Goldman Sachs, about launching an IPO this year or in 2014, CEO Raj Koneru told. The company has yet to decide how much stock to sell or how much money to raise.
 
Koneru said that Kony has still not made a profit but expects its revenue to around double to USD 80-USD 100 million this year. The company has raised around USD 35 million from Insight Venture Partners and Georgian Partners and could use IPO proceeds for R&D and software improvements.

Founded in 2007, Kony claims to have over 70 Fortune 500 companies as clients which have developed apps for consumer and business functions, including mobile banking remote deposit, mobile travel reservations and mobile insurance claims processing. Its platform supports all mobile devices, kiosks and desktops, all major operating systems and multiple deployment modes.
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