Inrix Moving Closer to an IPO?

According to news from Bloomberg, traffic information provider Inrix is looking for an initial public offering that could raise $75 million to $100 million by offering 10 percent to 15 percent of Inrix shares through underwriters.

CEO Bryan Mistele is talking with banks, looking for a transaction “in the short term“ he said to Bloomberg.

Inrix would use the IPO proceeds to push expansion to China, Brazil and Russia, Mistele said.

Inrix does not disclose its revenue at this stage but said it has grown 75 percent annually in the last three years.

Last July Inrix raised an additional $37 million from venture capital firms to fund the acquisition of its British competitor ITIS Holdings for $60 million. This transaction added $27 million in annual revenue and 150 people in staff. Today Inrix has around 300 employees.

Inrix started to talk about an IPO as early as June 2010 (watch our video interview with CEO Bryan Mistele).

Tuesday, April 10th 2012

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