Sunday 25 June 2017

Envivio IPO windfall for Long and McCabe

Roisin Burke

FORMER Parthus chief Brian Long and ex-Smartforce boss Bill McCabe could make a fortune as a Silicon Valley investment prepares to list on the Nasdaq.

San Francisco-based online video provider Envivio is backed by Atlantic Bridge, which is run by Brian Long.

Plans to go public last April didn't fly due to market conditions, but $69m IPO papers were refiled this month. It could raise $380m from listing.

Atlantic is believed to have a $6m investment in an 8 per cent stake in Envivio and could make upwards of $20m from the float.

Nine of the 10 biggest broadband providers in the world are Envivio customers. Its software delivers video streaming for iPads, internet TVs, smartphones, laptops and PCs.

The video company saw sales increase 69 per cent to $51m for the year to the end of January 2012 and net profits of $138,000, having turned around years of losses.

Atlantic Bridge Ventures holds 1,417,201 shares in Envivio, according to documents filed with the Securities Exchange Commission this month.

IPO activity in the San Francisco area during March has reportedly been at its busiest since 2007.

Envivio confirmed the planned IPO but Atlantic Bridge refused to comment.

Dublin-based Atlantic Bridge, founded in 2005, is run by Ceva founder Brian Long and Aldiscon founder Larry Quinn, with funding coming from McCabe and other well known investors.

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