(BFM Bourse) – The Breton specialist in software solutions dedicated to video streaming Broadpeak kicks off its IPO on Euronext Paris. The company, which hopes to raise up to 20 million euros, aims to cross the threshold of 100 million euros in turnover by 2026.
The variable weather in the financial markets did not divert Broadpeak from its objective: to raise up to 20 million euros to accelerate its commercial development. The company has just opened the possibility for the general public and institutions to participate in its IPO, launched Friday morning on Euronext Growth.
They will have the opportunity to subscribe to Broadpeak shares, the price range of which has been set between 6.41 euros and 7.05 euros per share until the evening of June 7, 2022 for individuals, institutions being able to participate in this fundraising until June 8 at 12:00 p.m. Investors have already committed to participate in this IPO to the tune of 7.5 million euros.
Founded in 2010, Broadpeak deploys software solutions to optimize the transport of video content on terrestrial networks and satellites, thus providing end users with optimal viewing quality, on all their screens.
Major TV and telecom operators, global broadcasting platforms as well as new media from the world of business, sports and entertainment use Broadpeak’s services. Its customers include major players in the sector such as Bouygues Telecom, Orange, Telecom Italia, Deutsche Telekom, HBO, Mola TV, StarHub TV+, Megacable… At the end of 2021, Broadpeak had 125 customers in 50 countries representing a park of 200 million spectators worldwide.
Average annual growth of 40% since 2015
Last year, the group generated a turnover of 33.1 million euros, up 38%. In 2021, Broadpeak thus achieved nearly 90% of its turnover outside France. Sales on the American continent – growing by 150% in 2021 – account for 38% of total activity last year. The gross margin increased by 50%, to 26.7 million euros compared to 2020. This level of gross margin represents 80.8% of turnover. On the other hand, EBITDA stood at nearly 3 million euros, representing 9% of turnover. Since 2015, the company’s average annual growth has been around 40%.
“This solid and totally organic growth is based on a highly visible revenue model based on both an ‘upselling’ process (upscaling of products) and recurring revenue with existing customers (20 % of 2021 revenue on maintenance contracts and the first SaaS revenues) combined with a sustained momentum in terms of customer conquest”, explains Broadpeak in its press release.
Broadpeak is ready to take a new step in its development in a market identified as “strongly growing” by the group. Video streaming already concentrates more than 50% of global data flows and its development continues to accelerate with the emergence of fiber and 5G networks.
A turnover of 100 million euros from 2026
The Breton company anticipates a turnover of 41 million euros for the 2022 financial year, i.e. a growth of around 25%. At the end of March 2022, the group affirms that “this objective was already secured up to 60% by the order book.”
Revenue for the first quarter of 2022 amounted to 7.7 million euros, compared to 5.5 million euros at March 31, 2021, representing a growth in activity of 40% over the period. Broadpeak also expects a positive 2022 Ebitda but warns that it will be lower than last year “due to the investments necessary to accelerate market share gains.”
For 2026, Brodcast is aiming for the threshold of 100 million euros in turnover, i.e. an activity multiplied by more than 3 compared to 2021 with a contribution of recurring revenues (maintenance and SaaS revenues) increased to around 40% of the total activity (compared to 20% in 2021) and an Ebitda margin of 20% (9% in 2021).
Broadpeak had already raised 10 million euros in 2019 from the Eutelsat group, the French giant in satellite transmission.
Sabrina Sadgui
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