Wireless LAN vendor Meru Networks has filed its initial public offering (IPO) prospectus amid growing optimism that 2010 will be a better year for tech listings. In the run up to Christmas, Meru logged a statement with the Securities and Exchange Commission for an IPO of up to US$86.3m (AUD$94.6m). According to Gartner, enterprise wireless LAN equipment sales will almost double to US$3.6bn by 2010 and Meru is keen to grab a larger slice of the pie from more established rivals such as Cisco and Aruba Networks. “Our goal is to become the leading provider of wireless networking solutions for the enterprise," Meru said in its IPO prospectus. Meru has failed to make a profit since its inception but saw losses for the nine months ended 30 September narrow from US$24.6m to US$9.2m year on year. Revenue rose 34 per cent to US$50.2m. The vendor plans to list on the New York Stock Exchange under the symbol MERU. Proceeds will be used for “general corporate purposes”, including sales and marketing expansion and research and development. “We believe that enterprises will increasingly seek to leverage the benefits of an all-wireless network infrastructure,” Meru added. Meru’s flotation plans come amid growing chatter that more tech firms will go public in 2010 after a dismal 2009. Just eight venture capital-backed firms took the plunge last year, according to a Wall Street Journal article citing data from VentureSource.
channelweb.co.uk @ 2010 Incisive Media
Issue: 315 | May 2013
Access CRN's extensive online resources including; email bulletins, community discussions and unique online news.
Processing registration... Please wait.
This process can take up to a minute to complete.
A confirmation email has been sent to your email address - SUPPLIED GOES EMAIL HERE. Please click on the link in the email to verify your email address. You need to verify your email before you can log on to the CRN website or start posting comments on articles.
If you do not receive your confirmation email within the next few minutes, it may be because the email has been captured by a junk mail filter. Please ensure you add the domain '@crn.com.au' to your white-listed senders.