Kaltura Files S-1 For IPO: $120M in 2020 Revenue, Other Key Takeaways


Video cloud platform provider Kaltura has filed their S-1 and will be going public under the symbol of KLTR. It’s expected they will IPO sometime in Q2. I’ve read through the entire document and here’s some of the key takeaways:

  • $120M in 2020 revenue, with year-over-year revenue growth of 17%, 21%, 27% and 30%, for each quarter last year. 2019 total revenue was $97.3M. Year-over-year revenue growth was 12% in 2018, 18% in 2019 and 24% in 2020.
  • Net losses of $15.6M in 2019 and $38.7M in 2020 and adjusted EBITDA of $4.0M in 2019 and $4.3M in 2020.
  • At the end of 2020 Kaltura had “approximately” 1,000 customers, who combined, have over 100 million media assets on Kaltura’s platform.
  • For the years ended December 31, 2019 and 2020, Vodafone accounted for approximately 12% of Kaltura’s revenue in each such year, and their top ten customers in the aggregate accounted for approximately 27% and 29% of their revenue in 2019 and 2020.
  • Revenue from “Enterprise, Education & Technology” was $80.4M (67%), with “Media & Telecom” accounting for $39.9M (33%) in 2020 revenue.
  • The company grew revenue by 24% in 2020, while only increasing sales and marketing costs by $3.9M in 2020, compared to sales and marketing costs in 2019.
  • At the end of 2020, “approximately” 61% of their revenue was generated from customers in the Americas, 31% from customers in EMEA and 8% from customers in APAC. 81% of revenue came from customers who were with Kaltura as of December 31, 2018.
  • For the years ended December 31, 2018, 2019 and 2020, the lifetime value of Kaltura’s customers exceeded five, seven and eleven times the cost of acquiring them.
  • Customers include 25 of the US Fortune 100, more than 50% of U.S. R1 educational institutions, including seven of the eight Ivy League schools and some of the largest global media companies and telecom operators.
  • As of December 31, 2020, Kaltura had 378 full-time employees in Israel and 584 employees in total across 22 countries on five continents.

I’ll have a more detailed blog post up shortly that gives an overview on Kaltura’s business and competitors.