Wednesday, April 25, 2018

Sonos Files For IPO

Santa Barbara-based Sonos has filed for a confidential IPO, according to a report on Wednesday, which says that Sonos is hoping to go public as soon as June. The report, from the Wall Street Journal, says the IPO will value Sonos at between $2.5 billion and $3.0 billion. Sonos has received backing from such investors as BV Capital, Elevation Partners, Index Ventures, Kohlberg Kravis Roberts & Co., and Redpoint Ventures. The company's founder and CEO is John Macfarlane. Sonos makes whole-home music systems, which are known for their ease of use and sound quality. If successful, the IPO would add to the reputation of the Santa Barbara area for impressive exits from its startup and technology industry--in 2016, Santa Barbara had a banner year in terms of exits and IPOs, with the exits of such companies as lynda.com (acquired by Linkedin) and AnsibleWorks (acquired by Red Hat) plus three IPOs (MindBody, Appfolio, and CytomX Therapeutics).