Cloudflare files for initial public offering – gpgmail


After much speculation and no small amount of controversy, Cloudflare, one of the companies that ensures that websites run smoothly on the internet, has filed for its initial public offering.

The company, which made its debut on gpgmail’s Battlefield stage back in 2010, has put a placeholder value of the offering at $100 million, but it will likely be worth billions when it finally trades on the market.

Cloudflare is one of a clutch of businesses whose job it is to make web sites run better, faster and with little to no downtime.

Recently the company has been at the center of political debates around some of the customers and company it keeps, including social media networks like 8chan and racist media companies like the Daily Stormer.

Indeed, the company went so far as to cite 8chan as a risk factor in its public offering documents.

As far as money goes, Cloudflare is — like other early-stage technology companies — losing money. But it’s not losing that much money, and its growth is impressive.

As the company notes in its filing with the Securities and Exchange Commission:

We have experienced significant growth, with our revenue increasing from $84.8 million in 2016 to $134.9 million in 2017 and to $192.7 million in 2018, increases of 59% and 43%, respectively. As we continue to invest in our business, we have incurred net losses of $17.3 million, $10.7 million, and $87.2 million for 2016, 2017, and 2018, respectively. For the six months ended June 30, 2018 and 2019, our revenue increased from $87.1 million to $129.2 million, an increase of 48%, and we incurred net losses of $32.5 million and $36.8 million, respectively.

Cloudflare sits at the intersection of government policy and private company operations and its potential risk factors include a discussion about what that could mean for its business.

The company isn’t the first network infrastructure service provider to hit the market. That distinction belongs to Fastly, whose shares likely have not performed as well as investors would have liked.

Cloudflare has raised roughly $332 million to date from investors, including Franklin Templeton Investments, Fidelity, Union Square Ventures, New Enterprise Associates, Pelion Venture Partners and Venrock. Business Insider reported that the company’s last investment gave Cloudflare a valuation of $3.2 billion.

The company will trade on the New York Stock Exchange under the ticker symbol “NET.” Underwriters on the company’s public offering include Goldman Sachs, Morgan Stanley, JP Morgan, Jefferies, Wells Fargo Securities and RBC Capital Markets.


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In a 130-page court filing, Kik claims the SEC’s lawsuit “twists” the facts about its online token – gpgmail


CEO Ted Livingston of Kik

Kik Interactive has hit back at the Securities and Exchange Commission lawsuit that claims a $100 million token sale was illegal. The company, which owns Kik Messenger, filed a 130-page response today in U.S. District Court for the Southern District of New York, alleging that the SEC is “twisting” the facts about its token, called Kin, and asking for an early trial date and dismissal of the complaint.

One of the key issues in the case is if Kin was just an in-app token used to buy games, digital products and other services in Kik Messenger, or if it was meant to be an investment opportunity, as the SEC alleges.

Kik’s general counsel Eileen Lyon said in a press statement that “since Kin is not itself a security, the SEC must show that it was sold in a way that violates the securities laws. The SEC had access to over 50,000 documents and took testimony from nearly 20 witnesses prior to filing its Complaint, yet it is unable to make the case that Kik’s token sale violated the securities laws without bending the facts to distort the record.”

The SEC alleges that the token sale, announced in 2017, came at a time when the company had predicted that it would run out of money after Kik Messenger had been losing money for years, and that it then used proceeds from that sale to build an online marketplace for the app.

In the filing, Kik’s legal team denied that charge, claiming that the SEC’s allegations about its financial condition “is solely designed for misdirection, thereby prejudicing Kik and portraying it in a negative light” and that Kik began working on a cryptocurrency-based model after exploring monetization options that would help it compete against larger techc companies.

They added that “Kik’s Board and Executive Team alike believed that Kin was a bold idea that could solve the monetization challenges faced by all developers (not just Kik) in the existing advertising-based economy, by changing the way people buy and sell digital products and services.”

The SEC also alleges that the sale of digital tokens to U.S. investors was illegal because Kik did not register their offer as required by United States law, even though it claims that Kik marketed Kin as an investment opportunity whose value would increase. In its response, Kik denied that it offered or sold securities, or violated federal securities laws.

In the company’s press statement, Kik CEO Ted Livingston said “The SEC tries to paint a picture that the Kin project was an act of desperation rather than the bold move that it was to win the game, and one that Kakao, Line, Telegram and Facebook have all now followed.”


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