Another cloud based company, the venture capital backed Carbonite, Inc., has filed an S-1. The company provides “online backup solutions for consumers and small and medium sized businesses.”
Carbonite website
Carbonite SEC filings
From the company’s S-1, filed May 11, 2011:
We are a pioneer and leading provider of online backup solutions for consumers and small and medium sized businesses, or SMBs. We provide easy-to-use, affordable, unlimited, and secure online backup solutions with anytime, anywhere access to files stored on our servers, which we call the Carbonite Personal Cloud. We believe that we are the best known brand in the online backup market.
We founded Carbonite on one simple idea: all computers need to be backed up, and in this always-connected and highly-mobile world, online backup is the ideal approach. Our “set and forget” automated solution requires little effort and protects our customers’ stored files even if their computers are lost, stolen, or destroyed.
Our backup solutions work quietly in the background, automatically and continuously uploading encrypted copies of our customers’ files to the Carbonite Personal Cloud. Our customers can browse and share their photos, videos, and documents anytime, anywhere using a web browser or our free iPad, iPhone, BlackBerry, and Android apps. We charge consumers a $59 flat fee for one year of unlimited online backup. In 2010, we introduced a version of our solution specifically designed for SMBs, with features designed for multiple computers and users, enabling SMBs to easily install and use Carbonite backup without the help of a professional IT staff.
As of April 30, 2011, we had more than one million consumer and SMB subscribers in over 100 countries. Since 2005, we have backed up over 100 billion files and have restored over seven billion files that might otherwise have been permanently lost. We currently back up more than 200 million files each day.
We have developed a highly predictable subscription revenue model, with a consistent 96%-97% quarterly customer retention rate, and a scalable infrastructure to support our growth. We generated revenue of $38.6 million and $12.8 million in 2010 and the three months ended March 31, 2011, respectively. We continue to invest heavily in customer acquisition, principally through advertising, and as a result we recorded net losses of $25.8 million and $5.3 million in the same periods. Our bookings have grown from $14.1 million in 2008 to $54.1 million in 2010.
We offer unlimited backup solutions to our customers with anytime, anywhere access to their stored files. We charge consumers a flat fee for one year of unlimited online backup with discounts for multi-year subscriptions. Pricing for our SMB solution is tiered based on the total amount of data backed up. The following table sets forth key features of our consumer and SMB offerings:
Underwriters: J.P. Morgan, William Blair and Company, BofA Merrill Lynch, Canaccord Genuity, Oppenheimer & Co. and Pacific Crest Securities
Estimated (preliminary) gross proceeds: $100,000,000
Revenues
Three months ending March 31, 2011: $12,843,000
Three months ending March 31, 2010: $7,623,000
Year ending December 31, 2010: $38,563,000
Year ending December 31, 2009: $19,114,000
Year ending December 31, 2008: $8,202,000
Operating profits (loss)
Three months ending March 31, 2011: ($5,353,000)
Three months ending March 31, 2010: ($8,292,000)
Year ending December 31, 2010: ($25,896,000)
Year ending December 31, 2009: ($19,602,000)
Year ending December 31, 2008: ($17,852,000)
Net profit (loss)
Three months ending March 31, 2011: ($5,390,000)
Three months ending March 31, 2010: ($8,272,000)
Year ending December 31, 2010: ($25,973,000)
Year ending December 31, 2009: ($19,435,000)
Year ending December 31, 2008: ($17,649,000) |
