"Everbridge shares jump after IPO" by Curt Woodward Globe Staff September 16, 2016
Everbridge Inc. has about 430 employees worldwide, with more than 200 at its Burlington headquarters, and is advertising about 50 job openings, chief executive Jaime Ellertson said.
Everbridge has more than 3,000 customers around the world, including eight of the 10 largest US investment banks and 24 of North America’s busiest airports — although Boston’s Logan Airport is not among them.
Everbridge’s system has been used in several high-profile emergency situations. Boston officials employed the software to marshal police and firefighters during the Marathon bombings, while Sony Pictures relied on Everbridge to communicate with thousands of employees after the studio’s regular systems were crippled in a 2014 hacking attack.
The company has grown its sales rapidly in recent years, but has not yet turned a profit. Everbridge got close to break-even in 2013 and 2014, but expenses jumped last year, when Everbridge lost $10.8 million on sales of $58.7 million.
Ellertson said the increased spending helped Everbridge add several new products and expand its sales and marketing campaigns, which he said would help the company quickly return to a more sustainable financial path.
Everbridge highlighted that effort to diversify its revenue streams in regulatory filings: Its flagship software application accounted for 92 percent of company sales in the first half 2015, but that share dropped to 88 percent in the first half of this year.
Ellertson said Everbridge is different from some other high-growth subscription-software companies “that seem to spend $2 for every $1 they make,” a model that has drawn skepticism on Wall Street.
“I think what you’re seeing in our business is a slightly more mature and seasoned team that is able to deliver high growth and recurring revenue,” he said....
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