Good Technology said Tuesday it has acquired Austin, Texas-based mobile cloud application service provider Macheen for $8.3 million and updated its IPO filing.
Good said the acquisition will help enhance its ability to provide corporate data plans and expand the company’s data network carrier relationships.
The price was disclosed in an updated IPO filing Good filed Tuesday with the Securities and Exchange Commission.
In January, Macheen Inc. laid off an undisclosed number of workers and swapped its then-CEO, Greg Stock, for its founding CEO, Richard Schwartz. That swap came only months after Schwartz had switched jobs with Stock.
Recent reports have indicated that Good has postponed its plans to go public until next year. In a filing earlier this year, the company said it planned to raise up to $100 million, but it didn’t disclose any figures in the new filing. Last month, Good raised $80 million in new funding, but said nothing had changed regarding its IPO plans.
The updated filing reveals that Good’s revenue grew by about 46 percent in the first six months of this year, compared to the same period in 2013, while its net losses dropped about 23 percent to $49.6 million. That is likely to be viewed positively on Wall Street, where investors have been watching the IPO candidate’s profit prospects closely this year.
Good has raised about $280 million since it was founded in 1998. In the new filing, Good said its biggest investor is Oak Investment Partners with a 21.7 percent stake, followed by Draper Fisher Jurvetson with 11.3 percent. Other investors who own more than 5 percent of the company are Lazard Technology Partners (7.3 percent), Saints Rustic Canyon (6.3 percent) and Meritech Capital Partners (6.1 percent). “Read more”
Comments are closed.