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Boston online computer backup company Carbonite Inc. has filed for an initial public offering, that was initially listed as being valued at $100 million.
The registration document filed with the U.S. Securities and Exchange Commission didn’t state how many shares would be offered, and therefore the price range of the shares is unknown. In fact, the initial $100 million estimate will likely change as the company gets closer to pricing the offering.
Carbonite, which was founded in 2005 by David Friend and Jeff Flowers, says it has grown from $14.1 million in bookings in 2008 to $54.1 million in 2010. The company generated $38.6 million in revenue in 2010, with a loss of $25.8 million, which it credits primarily to customer acquisition costs from advertising. The company, which charges the average customer $59 per year to back up their files, has not had a profitable quarter since it was founded, but notes it has a customer base of more than 1 million users in 100 countries.
The company is backed with more than $70 million in capital from Crosslink Capital of San Francisco, Calif.; Performance Equity of Stamford, Conn.; Menlo Ventures of Menlo Park, Calif.; and CommonAngels of Lexington.
Last month Flowers stepped down as CTO of Carbonite, replaced from within by former architect and manager Eric Golin. Flowers stayed with the company as chief architect, however, while Golin has a background of having served as CTO at a number of public tech companies, including Content Objects Inc. and Eons Inc.
In January, Carbonite hired a spate of executives and managers from Intuit, NameMedia and PlumChoice to head up a newly separate business division of the venture-backed cloud storage company that is focused on small and midsize businesses.
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