On-demand video specialist Envivio files for $69M IPO

Video encoding company Envivio, which last year said it had reached profitability, has filed a $69 million IPO with the SEC. The company said the number, and price, of shares has not yet been determined.

The South San Francisco, Calif. company said it filed a registration statement Friday and has hired Stifel Nicolaus Weisel and Piper Jaffray as joint book-running managers for the offering; Needham & Company, LLC and William Blair & Company will be acting as co-managers.

In February, Envivio said increasing demand for live and on-demand multi-screen IP video processing and delivering solutions had doubled both its revenues and sales bookings. The 10-year-old company said it also had been developing new sales channels, with some 70 percent of its bookings being made through partners like Ericsson, Huawei and SeaChange in 2010.

Envivio last year also landed $15 million in mezzanine funding, as its play in the cable market continued to pick up steam, including extensive involvement in new service introductions and trials for the top five cable services providers in North America.

The company has some 220 service and content customers in more than 50 countries, and booked $30 million in sales for the 12 months ended January 31, 2011.

Envivio has, in recent months, seen a shakeup in its management team, adding Erik Miller as CFO and Kevin O'Keefe as COO. Envivio's Chairman of the Board Gianluca Rattazzi has taken an increased role at the company as executive chairman to assist with corporate and business development.

For more:
- see this release

Related articles:
Envivio debuts newest iteration of 4Caster C4 live encoder
Envivio lands $15 million in new funding
Envivio touts multi-screen on-demand platform
Envivio and other transcoding firms are key to multi-screen TV

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