Everbridge, Inc. has recently released its annual report, providing an insight into the company's financial performance and strategic developments. The company operates as a software company that offers Critical Event Management, a SaaS-based platform, catering to various industries such as technology, energy, financial services, healthcare, manufacturing, and more. Everbridge's customer base has grown from 867 customers at the end of 2011 to more than 6,700 customers as of December 31, 2023, with over 87 countries being served.
In 2023, Everbridge generated revenue of $448.8 million, marking a 4% increase from the previous year. However, the company reported net losses of $47.3 million in 2023. Its customer base outside of North America accounted for 25% of total revenue in 2023, indicating a significant international presence. Everbridge primarily sells its critical event management applications on a subscription basis, with contracts typically ranging from one to three years in length.
Furthermore, the company's recent developments include a proposed merger with Thoma Bravo, an investment fund managed by Thoma Bravo. Under the Merger Agreement, each share of Everbridge common stock outstanding will be converted into the right to receive cash in an amount equal to $28.60 per share. The transaction is anticipated to close in the second calendar quarter of 2024, subject to customary closing conditions and approvals.
In addition, Everbridge has undergone changes in its executive team, with the appointment of a new Chief Financial Officer and the departure of the Chief Accounting Officer. The company also entered into a settlement agreement, paying $25 million to settle claims in a lawsuit.
The report also highlights Everbridge's focus on growing its business, emphasizing investments in research and development, data center infrastructure, and sales representatives to drive sales and expand its international presence. However, the company anticipates continued losses in the near term if it is unable to achieve its growth objectives.
The 10-K report also addresses macroeconomic conditions, including the impact of rising interest rates, inflation, and geopolitical events on Everbridge's operations and financial position. The company's consolidated financial statements include its wholly-owned subsidiaries, and it reports its financial results as one operating segment.
Today the company's shares have moved -0.1% to a price of $28.3. For more information, read the company's full 10-K submission here.
