Atomos Limited, a global video technology company has commenced trading on the Australian Securities Exchange (ASX) following the completion of an Initial Public Offering (IPO) which raised $6m through the issue of 14,634,146 new shares at $0.41 per share. At the IPO issue price Atomos has a market capitalisation of $62.2m.
Atomos’ devices take images directly from the sensor of all major camera manufacturers, then enhances, records and distributes them in high-quality formats for content creation using the video editing software programmes. Atomos has developed a range of seven products including the Ninja, Shogun and Sumo, designed to address the different segments of the video content creation market from social through pro video and entertainment, the release stated.
Since commercialising the world’s first video monitor recorder incorporating Apple’s ProRes video format, Atomos has developed strategic relationships with key technology providers within the ecosystem including Apple, Adobe, Sony, Canon, Panasonic, Nikon and JVC Kenwood. Based in Melbourne, Atomos was founded in 2010 with 74 employees across seven countries.
Atomos will use the funds from the IPO to support the company’s global growth strategy, including expansion into adjacent growth segments of social and entertainment, as well as the launch and deployment of new products from its newly developed platform as showcased in the recently released Ninja V. After R&D investment of $39m in this platform, Atomos intends to utilise this development and double its product range over the next 12-24 months.
Atomos lists on the ASX having achieved revenue of $35.6 million in FY18, with 49% of its sales in the USA, 30% in Europe, the Middle East and Africa, and 21% in Asia. For FY19 the Company has provided pro forma forecast revenue of $42.2 million at a projected gross margin of 47%.
CEO Jeromy Young, who co-founded the Company, said the IPO and ASX listing was a key step in continuing to grow Atomos presence in the burgeoning video content creation market.
“We’ve spent many years investing in silicon and software technology development to give Atomos an advanced offering with proprietary processing and trade secrets that underpin our product line,” he said.
“This technology, combined with our established brand and outstanding key relationships, place Atomos in an ideal position for continued growth. I’m extremely proud to be able to share the growth in value of the business with external investors as well as with the employees that are building the company together.”
Joining Young on the board of directors is former WH Smith Strategy Director and Henslow founder Chris Tait, Chairman of Seek Limited and Costa Group Neil Chatfield and Imagination Technologies founder Sir Hossein Yassaie. Morgans Corporate Limited and Henslow Pty Limited were Joint Lead Managers and Underwriters for the IPO.