By Telis Demos
Jasper Technologies Inc., which makes a software platform to
help companies connect to the Internet, is working on an initial
public offering for next year, people familiar with the matter
said.
The Mountain View, Calif., company is working with banks
including Morgan Stanley, Goldman Sachs Group Inc. and Deutsche
Bank AG on an offering that could raise $150 million and give the
business a multibillion-dollar market value, the people said. The
deal could come next year, though the timing isn't firm, they
added.
A Jasper IPO would be watched closely as a measure of investor
enthusiasm for what is known as the "Internet of things," referring
to the emerging practice of connecting items as varied as cars,
thermostats and pajamas to the Internet.
Other companies that fall into the category include Nest Labs
Inc., which makes Internet-connected thermostats for consumers and
was acquired by Google Inc. last year for $3.2 billion, as well as
Fitbit Inc. and Jawbone, which make web-connected consumer devices
that track a user's health.
Jasper's software platform helps companies manage devices or
products that are Internet-connected and to sell additional
services through them. Customers have included Heineken, which uses
a web connection to monitor the freshness of beer in kegs, and Ford
Motor Co., which uses it to allow drivers to unlock or start their
cars from their mobile phone, according to Jasper's website. Jasper
was founded by Jahangir Mohammed, who is its chief executive, in
2004.
The company most recently raised $50 million in a round led by
Singapore's Temasek Holdings Ltd. The deal valued Jasper at more
than $1 billion and brought its total funding over $200 million,
the company has said. Other backers include mutual fund firm
AllianceBernstein Holding LP and venture-capital firms Sequoia
Capital and Benchmark Capital.
Write to Telis Demos at telis.demos@wsj.com
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