Samsara, which develops end-to-end Internet of Things solutions for businesses, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $1 billion.
Samsara states that it has pioneered its end-to-end solution Connected Operations Cloud to allow businesses that depend on physical operations to harness Internet of Things (IoT) data to develop actionable business insights and improve their operations. The Connected Operations Cloud consists of its Data Platform and Applications, which ingests, aggregates, and enriches data from its IoT devices and a growing ecosystem of connected assets and third-party systems, and makes the data actionable through its Applications. The company's customers include small businesses, state and local governments, and large, global enterprises with complex operations. As of October 30, 2021, Samsara had over 13,000 Core Customers, or customers with subscriptions to its Connected Operations Cloud representing over $5,000 in ARR.
The San Francisco, CA-based company was founded in 2015 and booked $379 million in revenue for the 12 months ended October 31, 2021. It plans to list on the NYSE under the symbol IOT. Morgan Stanley, Goldman Sachs, J.P. Morgan, Allen & Company, RBC Capital Markets, Wells Fargo Securities, Evercore ISI, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
