Today I have the pleasure of virtually sitting down with the CEO of KORE Romil Bahl, to discuss becoming the first global internet of things pure-play company to go public in a deal worth one billion dollars.
With so many IoT companies out in the world, it may come as news to many of you that not more companies have gone public, but believe it or not KORE is the first. This was made possible through Cerberus, to which KORE is their first special purpose acquisition company (SPAC) that they have brought public.
According to Romil, a big contributor to their success and fit to go public is their highly predictable and recurring revenue (over 91%). Now I know not all of you may be “numbers people” but take it from someone with a financial degree — anytime you can build a company with recurring revenue over 91%, low working capital resulting in strong free cash flow generation, and are able to have visibility into an average of 90% of forecasted revenue over a 3 year runway, the decision to go public will be one you can’t easily ignore.
Now, before I jump you into the full conversation (below), let me catch you up on who KORE is. KORE is an 18 year veteran of the IoT industry, with over 3,600 customers spanning a variety of industries. They use AI, APIs, and securely connect devices (i.e. mobile gateways, environmental sensors, heart monitors, etc.) to 5G networks, the internet, satellite networks, etc. to help those businesses bring scalable IoT solutions to life all over the world.
If you enjoyed our conversation, please check out a longer conversation Romil and I had earlier this summer on our podcast where we speak a bit more high-level about the benefits IPOs can have for IoT Companies.