Home automation company goes public
Home automation provider Control4 had a successful IPO on Friday Aug. 2. The company offered 4,000,000 shares of its common stock for $16 per share. The shares began trading on the NASDAQ market.
The share price quickly climbed to $20.70 in what Business Insider called a “stellar IPO. … That gives the 10-year-old, Salt Lake City, Utah, company a valuation of about $446 million. Not bad considering it had 2012 revenues of $109.5 million and posted a loss from operations every year since 2008.”
The stock closed at $21.06 on Tuesday, Aug. 6.
One winner in the deal, Business Insider pointed out, is Cisco, which made an undisclosed $20 million investment in the company in 2011.
Business insider says that Cisco “also signed on to sell a Cisco-branded version of its products and to help Control4 develop new products. … Control4 is part of Cisco's big vision of a brand new tech market called the Internet of Things (although Cisco prefers the term the Internet of Everything). IoT refers to putting all the inanimate objects in your home, office and city on the Internet and making them interactive."
And speaking of the Internet of Things, we had a great panel discussion at TechSec last year about that touched on that topic, and we’ll be doing more on it this year. We’re putting the program together right now. Look for details around ASIS time.