Technology

Online Betting with GAN

This week we finally have an interesting IPO (of sorts) with GAN Limited (GAN on the NASDAQ). Since they are listed in London on the AIM market some capital markets services are treating this more like a secondary offering. However there’s a roadshow, underwriters and a book-building process so we’re treating it like an IPO….

Keep Reading

Broken Candy: Arlo Technologies

Arlo Investment Case Summary Arlo Technology (ARLO) is a maker of connected cameras and related software that was spun out of NETGEAR (NTGR) with an IPO on August 2, 2018 at $16/share. Shares traded higher immediately following the IPO and reached $23 before starting their steady decline to the current $2.15. There are two main…

Keep Reading

Schrodinger’s platform for accelerated drug development and materials discovery

Snapshot Schrodinger (SDGR) is offering 10m shares at $14-16 for a $1B market cap. We expect the shares to perform well in part given that they are backed by two notable investors, David Shaw and Bill Gates, and they have a strong position in enabling new drug discovery and the development of new materials. It…

Keep Reading

Bill.com aims to streamline the SMB back-office

Bill.com (NYSE: BILL) is an online platform for small businesses to process their handle invoices, payments and approvals digitally – improving efficiency and automation. Demand for the deal is high so underwriters have increased the proposed range to $19-21 from the prior $16-18. Solution & Positioning It’s a significant problem for most businesses and while…

Keep Reading

DataDog Delivers Clarity

DataDog (DDOG) priced their IPO last night above the increased range at $27. Shares will begin trading today. Despite some broad selling in “high growth software stocks” today we expect the shares to do very well. Perhaps too well for investors to make any money after the open. DataDog is in the “next generation monitoring”…

Keep Reading

Cloudflare comes for Cisco, Amazon, Google, Microsoft

At first we though of Cloudflare (NET) as an internet performance-management platform. But the company is more focused on security than pure performance. If you didn’t read our note on Fastly (FSLY) you probably should do that: Fastly Joins the New Enterprise SaaS Group.  Their value proposition is that they provide greater security, performance and…

Keep Reading

Dynatrace – The new kid in application performance management

Dynatrace (NYSE: DT) is coming public this week. They are in the application performance (APM) space which has been around forever but becomes ever more complex as technology advances and more pieces are added into the computing mix. The challenge scales in a non-linear fashion so every so often brand new tools are needed. In…

Keep Reading

Customer Centric Operations with Medallia

Medallia (MDLA)  joins the red-hot “New Enterprise SaaS” group with their IPO this week. They sit at the high end of the “customer management” space which has companies like Qualtrics (acquired by SAP during their IPO for $8B). Increasing recognition of this space may also be good for lower-end players like SurveyMonkey (SVMK). The whole…

Keep Reading

Cambium Networks

Cambium (CMBM) is a small networking equipment provider who has carved out a niche in tier-2 wireless networks and government/industrial networking applications. As such they operate “above the fray” in the tier-1 space where deals are larger but heavily discounted and “lumpy” in terms of sales. That doesn’t mean Cambium doesn’t face competition – other…

Keep Reading

Parsing Slack

Slack (NYSE: WORK) is an important name in the enterprise SaaS space that plans a direct listing on June 20th. Investors have to consider the long-term positioning of this company in an increasingly crowded infrastructure market. At a high level, we’d say that Slack aims to be the ultimate “glue” between users and applications that…

Keep Reading