IPO Values the Company at $43.8 Million; Documents Warn of Patent Dispute with Red
Video monitor-recorder maker Atomos debuted today on the Australian Securities Exchange (ASX), following the completion of a $4.2 million ($6 million AUS) IPO that values the company at $43.8 million ($62.2 million AUS).
In the company’s IPO prospectus, filed with the Australian Securities and Investments Commission (ASIC) last month, Atomos Chairman Chris Tait said the company plans to double its product range in the next one to two years with new offerings based on the AtomIC platform and AtomOS operating system developed for the Ninja V.
While describing its current market as “pro video” producers with modest budgets, Atomos also indicated that it has plans to make new products catering to the high-end broadcast, TV and cinema markets currently addressed by its Sumo products as well as “consumers, prosumers and low-end professionals” creating social-media content with sub-$1,000 budgets.
The prospectus also revealed that Red has alleged that some Atomos products infringe four Red patents related to recording and playback of video codecs. Atomos said it has so far declined to license the patents, meaning the dispute could end up in court if the camera company decides to sue.
Atomos told ASIC it generated $25.1 million of revenue in fiscal 2018, forecasting a 19% increase to $29.7 million in 2019. That would represent an uptick in growth for the company, which had revenue of $21.5 million in 2016 and $21.9 million in 2017.