By Liana b. Baker
NEW YORK | Fri 09/09/2011 02:03 pm EDT
NEW YORK (Reuters)-Evernote, which makes a popular app for taking notes and data storage on tablets, phones and personal computers, is considering filing for an initial public offering by the end of next year, its Chief Executive told Reuters on Friday.
Evernote has more than 14 million users, with around 500,000 users who pay r $ 5 per month for premium access, the company said. People use Evernote to write notes, organize data, store photos and browse documents. The app is available in Android devices and Apple.
An IPO is inevitable, but the company is not in a hurry to test the public markets, said the Chief Executive Phil Libin.
"If everything goes smoothly for over the next year and a half, I can see us present our paperwork by the end of next year. If everything does not go smoothly, that's fine with me and (we) could delay it, but there's no hurry, "he said.
He said that if market conditions remain as they are, the company would go public in 2013.
"Ideal conditions are start (o) deposition process at the end of next year to IPO until 2013," Libin said.
Libin, who founded the Dominion, a company based in California in 2008, which refused to comment on how much money he would want to raise in an IPO. He said the company still has not hired bankers or lawyers for the IPO. Sequoia Capital invested $ 50 million in the company in July.
He said the company's annualized revenue was $ 16 million over the past 12 months and growing rapidly.
"Revenues increased 300 percent last year. Is growing exponentially and accelerating, "said Libin.
About 70 percent of people begin using the app by Apple and Google with Android devices, "he said. The app attracts 40,000 new users every day.
"A year ago, our total users, tripled the rate we're growing and quadrupled our revenue rose by a factor of 5," he said.
Libin said the company first turned a profit for six months, but he said the company will lose money over the next few months, as he hires, opens an Office in Austin, and purchase of enterprises.
Evernote, which has 102 employees, is planning to hire 400 by the end of 2013, in the United States, Russia and other countries. He will return to profit in a few months, he said.
"In" some point we will have many employees keep private, he said. "We have already spread the wealth around too widely."
Libin added that Sequoia Capital bought shares of officials when invested in the company in July. He said the company has refused several offers of acquisition.
(Edited by Robert MacMillan)
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