Casa Systems seeks to raise $150M with IPO

Casa Systems booth at Mobile World Congress in 2016.

Casa Systems is finally following through with long-discussed plans for an initial public offering.

According to an S-1 filing with the Securities Exchange Commission, which was first discovered by Multichannel News, the vendor is seeking to raise as much as $150 million. 

Casa Systems said it will list its common stock on the NASDAQ market under the “CASA” symbol. 

Casa Systems makes cable modem termination system (CMTS) and converged cable access platform (CCAP) hardware and software for the cable industry, competing with Arris, Cisco, Harmonic and other vendors. Andover, Massachusetts-based Casa is also developing network function virtualization technology with products like Axiom.

According to the S-1 filing, Casa took in revenue of $233.6 million through the first three quarters of 2017, up 7.7% year over year, with a net income spike of 22% to 59.6 million. 

Casa also said it gets 36% of its revenue from legacy Time Warner Cable accounts, acquired last year by Charter Communications. Eleven percent of Casa’s revenue has come from Liberty Global. 

Casa founder, President and CEO Jerry Guo owns 15.9% of the company. 

“We believe that the shift to software-centric ultra-broadband networks and fixed and wireless network convergence presents us with a compelling market opportunity,” Casa said in the S-1. “We intend to maintain our technological leadership through the enhancement of existing products and the development of new products in both our current and adjacent markets.”