Posted on Friday, Jun 15th 2018
The increasing number of terrorist and gun violence attacks have increased the need for an able alert system. Billion Dollar Unicorn player Everbridge (Nasdaq: EVBG) has been leveraging the cloud technology to deliver a communication system that enables customers to automate and accelerate the process of keeping people safe and businesses running during critical events.
Boston-based Everbridge was founded in 2002 after the tragic events of 9/11. The company was set up with a vision to help improve the way that people communicate and locate their people in critical situations. Its SaaS-based communications platform is built on a secure, scalable infrastructure with multiple layers of redundancy to ensure rapid delivery of critical communications, with near real-time verification over numerous devices and contact paths. Communication of critical messages can happen over SMS or email to more than 100 different communication devices over more than 200 countries.
When I had met with Everbridge’s CEO Jaime Ellertson a few years ago, he spoke about Everbridge’s genesis. The company was actually formed by the merger of two companies – Cloudfloor and Everbridge. Cloudfloor helped organizations monitor their cloud instances and spool new instances based on the demands. Meanwhile, Everbridge was operating within the emergency notification space. Since most large incidents don’t happen frequently, the Everbridge platform was not being used continuously. The two companies decided to merge to rebuild a platform with the ability to expand into the cloud and use those resources to supplement core data centres in North America and Europe.
Everbridge earns revenues by charging its customers a subscription for access to its critical communications platform. Revenues for the company have grown steadily from $23.4 million in 2012 to $104.35 million last year.
For the current quarter, Everbridge expects revenues of $34-$34.3 million and an adjusted loss of $0.23-$0.22 per share. It expects to end the year with revenues of $138.7-$139.8 million and a net loss of $0.59-$0.57 per share. The market was looking for revenues of $34.2 million for the quarter with a loss of $0.22 per share. The Street had forecast revenues of $139.4 million for the year with a loss of $0.58 per share.
In the longer run, Everbridge plans to grow its revenues to a billion dollars. To achieve that growth, the company is acquiring in other markets. Earlier this year, it announced the acquisition of Norwegian firm Unified Messaging Systems (UMS) for an estimated $34 million. UMS’ technology allows governments to quickly target a particular geographic area and send alert messages to the phones of everyone within that area, regardless of the network carrier that the phones use.
Additionally, its Location-Based Alerting technology allows governments to geographically pinpoint where to send notifications within a region. The UMS systems are deployed in a number of countries including Sweden, Norway, the Netherlands, the Bahamas, Singapore, Greece, and Cambodia, along with presence in the city of Kiev and some states in India.
The addition of UMS will help Everbridge expand in the overseas market as it brings on international governments to its customer list. It can also successfully leverage UMS’ location-based alerting technology to help national and global companies reach out to local and traveling employees.
The market has been pleased with Everbridge’s revenue growth despite the continued losses. Its stock is trading at $50.19 with a market capitalization of $1.48 billion. It touched a 52-week high of $52.35 earlier this week. It has been steadily climbing from the 52-week low of $21.56 that it was trading at in July last year. The stock had listed on the Nasdaq in September 2016 when it raised $90 million by selling shares at $12 apiece. The listing valued the company at $329 million.
More investigation and analysis of Unicorn companies can be found in my latest Entrepreneur Journeys book, Billion Dollar Unicorns.
This segment is a part in the series : Billion Dollar Unicorns
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