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| The company sells its solutions directly and through distributors |
Anti-virus
software maker Quick Heal Technologies Ltd, which is backed by Sequoia Capital,
has filed its draft herring prospectus with the capital markets regulator
Securities and Exchange Board of India for its initial public offer.
Here's a snapshot of the
IPO
* The IPO comprises a
fresh issue of shares to raise up to Rs 250 crore (about $38 million) besides
an offer for sale of up to 6.8 million equity shares by promoters and Sequoia
Capital.
* Bankers: ICICI
Securities, Jefferies and JPMorgan.
Use of proceeds
* Of the proceeds of the
fresh issue, around Rs 111 crore would be used for advertising and sales
promotion, Rs 41.8 crore on capital expenditure for research and development,
Rs 30.1 crore for purchase, development and renovation of office premises in
Chennai, Kolkata, Pune and New Delhi and remaining for general corporate
purposes.
Company
* Pune-headquartered
Quick Heal Technologies was co-founded by brothers Kailash (CEO and CMD) and
Sanjay Katkar (CTO and technical director) in 1991.
* Initially called CAT
Computer Services Pvt Ltd, the company later transformed from being a computer
maintenance firm to an IT security solutions provider. It was rechristened as
Quick Heal in 2007.
* The company develops
antivirus software and has 65 offices in 37 cities across the country along
with those in the UAE, Japan, Kenya, and the US. A little over 2 per cent of
its revenues come from outside India. It recently entered into a preliminary
term sheet to form a new joint venture to distribute, sell and market its
offerings in South Africa.
* Last
year it introduced a separate 'Seqrite' range of solutions especially aimed at
SMB and enterprise customers.
* Over
24.5 million licences of its products have been installed as on June 30, 2015,
and it had over 6.9 million active licences spread across more than 80
countries as compared to 2.5 million as of March 31, 2011. It had more than 1.1
million active licences for its mobile solutions.
* The company sells its
solutions directly and through distributors, whom it refers to as channel
partners.
* As of June 30, 2015,
it had a network of over 15,000 retail channel partners, 230 enterprise channel
partners, 279 government partners and 577 mobile channel partners.
* Besides, the company had 1,231 employees, including 449 employees who are part of its R&D team as of June 30, 2015.
* Over the three fiscal
years ended March 31, 2015, it has introduced solutions for mobile and tablet
security, as well as MDM and DLP systems.
* The
company has recently entered into a preliminary term sheet to invest up to Rs 6
crore in a firm that is developing home automation technology. The company has
not disclosed the name of the target firm.
Financials
* For the fiscal year
2015, the company reported net revenue of Rs 286 crore, EBITDA of Rs 100 crore
and net profit of Rs 53.8 crore.
* The debt-free firm has,
however, seen both its operating and net margins shrink over the last three
years. Indeed, even the actual EBITDA and net profit if the firm has declined
for the last two years after hitting a high in FY13. This is partly to do with
higher operational and employee benefit expenses. Investors
* The company had raised Rs 36 crore from Sequoia Capital back in 2010. Sequoia had separately also bought shares worth Rs 24 crore from the promoters of the firm. The VC firm currently owns 10.25 per cent stake in the company and selling under half of it in the IPO.
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