Good Technology files for IPO, but business looks tough

Christy Wyatt took over as the CEO of Good Technology in January after stints at Citi, Motorola Mobility, and Apple. Credit: Good Technology

It lost $118 million on revenue of $160 million last year.

Good Technology, one of the last big independent vendors of enterprise mobile management (EMM) technology, has filed for a public stock offering.

Good was one of the early innovators in EMM, and counts big customers like Citi. However, the market has come under pressure as established vendors like Microsoft and VMware (which acquired Airwatch earlier this year) build mobile management into new versions of existing products. Other acquisitions in the space include Zenprise (bought by Citrix in 2012) and Fiberlink (which went to IBM last November).

However, the IPO filing shows how tough the EMM market actually is: Good lost $118 million on $160 million in gross revenues last year. Moreover, a large portion of its revenue -- $23 million -- came not from selling its EMM products, but from intellectual property licensing. The company spent $112 million on sales and marketing during the year.

Good has tried to differentiate itself from competitors by being early to incorporate features like app management -- which it gained largely by buying AppCentral in 2012 -- and "containerization," which separates secured work-related apps from unsecured personal apps on a user's device. It's also known for building its own secure messaging apps, and has a platform for third-party developers to integrate their own apps with Good's security system.

For more on how Good sees itself versus competitors, check out our interview with CEO Kristy Wyatt from last year.

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