Brivo Going Public At $800 Million Valuation

By John Honovich, Published Nov 10, 2021, 09:21am EST

Brivo is going public, via a SPAC, aiming to more than double its historical growth next year and for years to come.

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Can Brivo radically increase its growth rate? Will it reach the projected near half billion dollars in revenue in just 5 years?

For background on Brivo's product, see IPVM's test.

Inside this note, we examine the Investor's Deck and the Investor's Call plus the company's plans for acquisitions and what happens with Drako's other company Eagle Eye Networks.

Investor ****

*** ***** ******** ****** *** **** ******** so *** **** ********* details ** *** ***** and ** *** ***** of *** ********* *** analysis ******.

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*** ********'* **** *** only ** *******, **** read **** *** ***** release / **** *** did *** **** *** questions.

Summary: ****** ***** ****** ** **********

***** ** ******** ** radically ******** *** ******* growth **** **** * historical ** - **% to **%+ ******** ** soon ** **** **** while ****** **** ****** money ***** **. *** company ** ********* "** to $*** ******* ** cash ********" ** ** so.

******* ** ** * rapid ******** ** *** adoption ** ***** ******** security *** ** ****** challenges ** **** **** an ********* ****. *******, what ************ *** ******* makes ***** ********** ****** the ******* ** *** company.

**** ** **** ** not **** ***** ****, the ******** ** ******** of ******** ** ******* will ******* **** * strong ********* **** ***** conventional ****** ******* ***********.

Actual ********* ***********

**** *** **** *** years, *****'* ********* *********** has **** *****, ******* total ******* **.*% ** 2019 *** **.*% ** 2020.

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****:***** **** ~$*.* ******* in *** ******* ** 2020****** *** ****** ** "not *********" ** ********** currently.

Projected ********* ***********

******* *** *** *******, Brivo ******* *** **** revenue ****** ** ** nearly **% *** ******** next **** *** ******* to ******** *** **** rapidly:

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** *** **** ******** chart ***** *****, ******** next ****, ***** ******** 3+ ***** ** **% growth *** **** ** 2025, **** **** ****** to ***** $***+ ******* revenue, **** **% ****** rate:

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Small *** ****** *********

***** ***** ** ********** this **** **** ******* growth ****, **** *** also ********* * **** low *** ****, **** $50 ******* ***** **** the **** * ***** and ******** ** ****** $100 ******* ** ******* for **** *** ****:

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**** ******* ****** *** low ****** **** ** be ********* ** *******, especially ** *****'* *********** also ****** **** ********** at ********* *** ***** access ******* ********.

Fit *** ***** ********** ********

*****'* *** ***** *** Till ******** ** *** call **** ***** ** a "*** *** ***** type ** ********** ******** in *** *****". ***** arguably ******* ** * fit *** ***** ****, the ********** ********* ******** is *** **** ** the ****** **** ***** become * *** ***. Historically, *** ******* *** been ******** ************* ** multi-site ********** **** ********** smaller *****. *** ***** grow ** **** ********** incumbents **** *****, **, Genetec, *********, ******** *****, etc.? *******, *********** ****** ******* ************* 2020*** ********** ********** ** Brivo ****** *** ******.

TAM *****

***** ******* **** ***** market *** ** $**+ billion:

***** *** ******* ****- and ***** ******-***** ***** addressable ****** (***) *** products *** ******** ********* in ****** ** $** billion

*********, ** *** ****** "smart ******-*****" ******* *** market ** **** *** (e.g., **** ***** ******* video ************, *********, */*, HVAC, ***.

*******, ** ********* ***, far ****** **** **** they ********* **** ***** - *** "***** ******" market.

5x ** * *****

**** **********, ***** *********:

** ****** ***** ****** will **** ** ** 5 ***** *** ** end **** ****** *** building ********* **** **** like ********** ************

**** ***** *** ** a **.**% ****. ****** the $** ******* ***, this ** ****** *** realm ** *********** *** cloud ****** *******, ********* on **** *** ****** as ***** ***** ** conventional ****** *******.

***** **** ******* **** cloud ** ********* **-**% of *** ****** ******* market ******* ****** *** market ****. **** ** plausible, ****** *** "****** rate" *** ****** ******* is **** ****** ** the * - **% range - ******* ****** but ******.

Acquisition ****

*** **** ****** *** the *** ** *** proceeds, **** ****** ** for "******* *********", *** second **** ** *** sales **** ********* *** the ******** ** ***** reserved *** *********:

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*** **** ******* ********* their ***** *** ************, projecting $** ******* ********* revenue ********* **** *****:

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*******, *** **** ******** no **** ***** ** it ** ******* ** Brivo ***** ** ******* 3 ********* **** **** or ******** ****** ****. However, ***** ******** ****** and ****** * *** hundred ******* ** **** certainly ***** ********** ********** inorganic ******.

Zero *** ******* ******

*** *********** ***** ***** makes ** **** **** have * "**** *** payback ******" *****, ** first ****** ****** *********, but **** ******* ** by ****** **** *** gross ******* **** **** from ******* ******** ** front ** ****** **** what **** ***** ** sales *** ********* ** acquires *********, ** *** deck ******* ***** **********:

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Average ******** *** *********

******* *********** ******* ** that **** ******* **** long ******** ***** *** very *** ********* ****:

********** *** *** ** ARR ******* **** * 15 **** ******* ******* life ******** *% ****** attrition

***** ******* ****** ** as ********* ** ********** access ******* ********* **** to ****** **** ************ leading ** ***** **** are *** ****** **** conventional ****.

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Drako ******* ******** *** *********** ***********

*****, *** ******** ***** in **** *** $** million, **** ****** ******** and *********** ***********, **** the ******* ******:

******** ***** ************ **** be ******* ***% ** their ******. ***** ************ expected ** *** **% of ****’* ****** ***** post-transaction

Eagle *** ******

*** ********* ** *** describe *** ****** ** Eagle *** ********, ******* Dean ***** ********** *******, outside ** ********** "* strategic ********** ** *** PIPE **** ***** *** Networks." ****, ***** *** is ********* ** ***** going ******, ****** ****** a **** ***** *******.

** ** ********* ******** that *** ********* ***** be ******** ** *** future, ********** *** **** they **** * ********-****** company ** ** **.

[******] ***** *** *********:

***** *** ** ***** to ******* **** ***** at **** ****. ***** generally *** **** * long **** ********, *******, and ****** *** *** of *** *********.

***********

***** ***** ****** ***********, Brivo ** * ********* company ** ******* ** other ******** ****** *********. Below ** ** ******* of *** ***********:

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***** ** * **+-****-*** company ***** *** ******* publicly ****** ****** ******* peers *** *** ******* and ******** **** * far ***** ******* **** and ****** *********** ** commercial, ** ** ** hard ** ********.

Outlook *****

*******, * ******** ********** into ***** ** ******* for *** *******, ** it *** *** *********** resources ** **** *** sales **** *** ****** acquisitions ** * ******, that ***** **+ ***** of ***** ****** *** finally **** **********.

*** ********* **** ** meeting ***** ********* ****** rates ***, ** **** do ***, ******* **** the ******* ** ****** investors.

Vote / ****

Comments (25)

*** *** ****?

******** ******.

Agree
Disagree: 1
Informative
Unhelpful
Funny

***** ** ***** ** increase ******* **% **** 2021 ** ****. ****'* ambitious ** *** *** least.

Agree: 4
Disagree
Informative
Unhelpful
Funny

***** ** ***** ** increase ******* **% **** 2021 ** ****

**, ***** **** ** increase ******* ***% **** 2021 ** **** (*.*., $72 ******* ** **** -> $*** ******* ** 2025).

Agree
Disagree
Informative: 2
Unhelpful
Funny

**** **** * ***** projected **** ********, ** Brivo *** ***** **** their *********** ** ******** costs ******** **** ****, while ********** ** **** their ********* ******* ******, their **** **** ************* goes ******* *** ****.

******* ** ******* ********** costs *** ****** ******* systems ** *********, **** tend ** *** ****** products. ********* ** **** high, *** **** **** throttle **** ****** ********, the ******* ****.

**** **** ** **** for *** ******** ***** of **** *********. **** competitors ** ** ******** will ********* ** **** can ***** ******* **** a ***** ****** ** revenue.

** **** ** ********* to ***** ******* **** on ************ **** ******** the ******** ********* ****. Then ** **** ** a **** ***** *** new ********* ** ****. Staying ****** *** **** burn *********** **** ** important *** ***** *** payday.

***** **** ********* ** both *********, *** ********* market ** **** **** Brivo *** ***** *** have **** ** ******.

******** **** *** *** up ***** *** ******* recurring ****** **** ** the ******* ** *** industry, *** **** ***** posture **** *** *********** by * **** ****** player.

Agree
Disagree
Informative
Unhelpful
Funny

***** ***** **** ** a *******... *** **** "maneuver" ** *** **** Drako **** **** *** market *** **** *** investment.

Agree: 5
Disagree
Informative
Unhelpful
Funny

**********! ** ** ** investor *** ** **** not **** ******* *** exit, *** ** ******* ROI. *** ******** *** still **** **** **** benefits ** ****.

***** ** * **** better ******* **** ***** Eye *** *** *** greater ****** *********. **** companies **** **** ***** integrating *** ********** **** other ******** *** ******** platforms, ** **** ** each *****. *** ******* for ************ ** **** Video *** ****** ******* have **** *******. *********** across *** ******* *** all ****** ********** ********** and ********** ******* **** they **** **** ****. While ** ********* ** posturing *** ****, ** makes *** ***** **** good **** **** ******** sense ** *** ******* created ** **** ** increase ********* ******* ******.

** *** **** **** around **** ******, ** has ****** ***** **** the ********* ** ****** RMR ********* ** ****** control *** ***** ******** is *** ******* **** conventional ******** *** **** systems. ** ******** **** expertise *** **** **** to *******. ****** *** video ****** ********* ******** have ************ ************ **** retention. ********* ****** ** clients ******* ****** ****** for *** ********** *** management ** *******. *******/*** based **********, ******* ***** or ****** ** * remote ********** **** *** made ** ****** *** end ***** ** ** that.

* ** *** * fan **, *** ** I ******* ***** ***** Security ********* *** * good ****. **** ******* present * ****** ***** of ***** ****** *** hackers, *** ******** ***** local ***** ********* ** not. **********, **** **** increased ****** ***, *** proven **** *** ******** a ********* ******* ****** in *** ****** *** Video ****** *******. ** has ****** ****** *** seems ** **** **** barely ****** *** ******. With **** ** ***** in **** ********, ** have ***** **** ****** for ***** ******** ******.

***** *** **** ** this ****** *** * while. ** ** ** investor, *** *** ****** potential ** **** ******** can *** *** * wonderful ******. ** **** right, ** *** ** much ****. ** *** help ****** **** *** Access *** ***** ******* clients, *** ******* ** pay ********* ******* **** as **** ** *** service. **** **** ******* his *********** *** *** of ** ** *** Security *** **** ****** industry.

*** *********** ***** ***** this ***** ** **** as ******* ****** *********, marketing ****** ******* ********* can ****. **** **** improves, ******** *********** ***** goes ****, *** ********* profitability ***** ***. **** industry ***** **** *** potential ** ******* **** flow *** *********** *** potential ********* ******** *** other ******** ***** ******* utilities.

********* ****** *** ******** brings ******* ** *** industry, *** ******** *** everyone ******* ** **.

*** *** *****, ******* Drako **** ******* *** ROI, *** ***** ****** to ***** ****** *** contributing ** *** ******** of *** **** ***, instead ** ***** ********** as *** ** **** corporate ********.

** ****** * ***** hang * ******** ** the ********* *** ***** cookies *** *** *****.

Agree
Disagree
Informative: 1
Unhelpful
Funny: 3

**** ** * ****** bit *** **** ***** just *** *** *********, but * ***** *******.

Agree: 1
Disagree
Informative
Unhelpful
Funny: 2

*** *** *****, ******* Drako **** ******* *** ROI, *** ***** ****** to ***** ****** *** contributing ** *** ******** of *** **** ***, instead ** ***** ********** as *** ** **** corporate ********.

********** **** *** ** flipping.

Agree
Disagree
Informative
Unhelpful
Funny

***** ** * **** better ******* **** ***** Eye *** *** *** greater ****** *********.

****'* ** *********** **********. Being * ****** ******* than ***** *** ** not ****** ****** ******, though (******** *** ***** *** and ****** **** ****).

*** * ** *** sure ***** *** ****** potential. *** ***** ************ market ** ** ** 5x ** *** ** the ****** ******* ******. I ******'* ** ********* if ***** ***'* **** revenue ** ****** ***** to *****'*, ******* ***** being ** ***** *****.

* ** ****** ** the ****** ********* ** combining *** *** ** more **** ******* **** separately. ****** ** **** cloud ** ********** *** value ** ********* *******, but * ** *** certain.

Agree
Disagree
Informative
Unhelpful
Funny

*'* ** ******, *** any **** ** ********* expert **********.... *** ***** have *** ****** ** flim-flam ** **. **** are ******* '*****', *** nobody ****** ***** ********* how ***** ****, *** the ************* ** *** industries **** *** ********* to **** **.

** ** ********** ****** opinion, **** *** ***** a '*******' ** ** 'formed' ***** ******** ** them ****** * *** pile ** ***** **** no ****** ******* ** service, *** ***** ***** with *** **** ***** to ****** ***...

*** **** **** ***** experimenting (***** *** ***** of ****** *** ****** in ***** '*******') **** how ** **** **** money ** ***** *** pile **** **** ****** - ** **** *** exit.

* ***'* **** *****!

Agree
Disagree
Informative: 1
Unhelpful
Funny

*** *** ** **** different **** ******* ******* or ******* ****** *******, which **** ********* ** this ******** **** *********.

Agree
Disagree
Informative
Unhelpful
Funny

*****... *** ** ******.

*** ***'* ******* ******* and ******* ****** ******* used ** ****** *** then ******* ********** '******' or ********* *** **** those ******* ******?

*** ******** ***********... ******** with ******* ******** ** a ****** ** ******* for **** *** ****. but **** **** * thing. ** **** **** Wars ******* ***** **** apparently *** **** ****** want, *** ************, ***** is **** ** **** more ** ***** ****** using *** **** **** can **** ** ******** to *******.

** ** **************** ****** view, ** **** ***** like ***** *** **** the ****** *** **** the ****** ** ***** big ***** ** ***** use ** ** **** larger ***** - *** like *** ************ ** the ***, ******** **** trumps ********** ********** ** the ****** **** ** their ****.

Agree
Disagree
Informative
Unhelpful
Funny

*** ***'* ******* ******* and ******* ****** ******* used ** ****** *** then ******* ********** '******' or ********* *** **** those ******* ******?

********* ******* ******* ** used *** *** ***** and ****** *****, *** PE ** *** ***** is **** ** **** and ***** ********* **** has ****** ** * basis **** *** *** reasonably *********** **** ****** growth.

*** ** ********* ** kind ** **** ******* roulette, ****** **** **** around ******* ** *** stage **** *** **, you ***'* ****** **** what *** ******* ** going ** **. ** makes ********** ***********. ***, through ******** ******, ** usually **** *** ********** of *** ******** **** to ****** **** ******* than **** ***** **** VC ** ** ***** investors, ** ***** ***** of ********* ******** **** up **** ****** * majority ****** ***** ** stock, ** ** * minimum * ****** *********** voice ** *** ********* of *** *******.

*****, **, *** ** groups *** ***** ***** funds **** ****** **** know ******* *** ** what **** *** ***** to ****** **, ** they *** *** **** accounts ******* *** ***** companies ** * ***.

** ** **************** ****** view, ** **** ***** like ***** *** **** the ****** *** **** the ****** ** ***** big ***** ** ***** use ** ** **** larger *****

**'* *** ****** *** that *** ** * concept, **'* **** **** extremely ******* ********. *** in *** *** ***** (SPAC, **, **) **'* all ***** ** ***** that *** ******* *** ways ** **** *** they're ******** **** ******* than ********* ** **** regard.

(*'* ******** ******* *'* also *** *****, *** didn't **** ** **** that ******* ***********).

Agree
Disagree
Informative: 1
Unhelpful
Funny

****** *** - **** insight.

**'* *** ****** *** that *** ** * concept, **'* **** **** extremely ******* ********.

*** *** ******** ** SPAC ********** ********?

*'** ***** **** ***** that **'* '******' **** a ****** ***... ***** sounds * *** **** 'less **********' ** **** with.

** ****'* ****, **** maybe *** '******** **********' part ** **** * smell.

Agree: 1
Disagree
Informative
Unhelpful
Funny

*** *** ******** ** SPAC ********** ********?

**** ** *******, ********* some **** **** ******** of *** ********* *** fear. ** **** *****, and * ***** **** is **** *** *****, it **** *** ******* do ** *** ** an *********** ********, **** the ******* ** ***** up ** **** **** the ******* ***** *** way ******* *** **** visibility *** *** **** you ** * *********** IPO *** *** ********** filings.

**** ***** *** '******** regulation' **** ** **** I *****.

********* ** **** ** mind, ** **** ******* you *** *****, ***'** still * ****** *******, which ***** ** * lot ** **** *** facts ***** **** ******** to ******* ******** **** does *** ***** **** you *** ****** ** private ***** (**, **, self-funded, ***.). ** *****, while ***** *** ******** that ***** ** ***** ponzi *******, * ***** for ** *********** ******* like *****, *** ****** to ** ******, ******* whatever *****, ** **** of * **** ** strength *** ********** **** not.

Agree
Disagree
Informative: 3
Unhelpful
Funny

*** ***** ***** **** the **** ***** ** always ***...

*** ****'* *** ****** to *****. *** ***** obviously, **** ** *** always *** ****, **** money ** ***** * major ****** ** *** wins ** ***** ** markets. **** ** ***** companies *** ***** ** magic ** ** *&*. So **** ** ***** on *********** ********* *** ability ** ********/****** ***********.

Agree
Disagree
Informative
Unhelpful
Funny

*** ***** *********, **** is *** ****** *** case, **** ***** ** often * ***** ****** in *** **** ** loses ** *******.

****.

*** * **** ****** that *** **** ****** - ***** ****** ****.

*** * **** ****** not ******* *** **** money ****** **** ******* best ********* ** ******** cases - *** ******* incumbent ******** ** ******** X *** ******* ****** than ***** **** *** big ***** ** ***** and ***** **** - if ***** *** ***** of ***** *** ******* to************** * ********* ** increase *** **** ** those ***** ** ***** on ****.

*** ******** ** ** how ***** *** *** dissimilar ** ** / PE... *** ** **** primary ***** ** **** I ***'* **** *****!

* **** ********* **** this ***** ** *** my ********* ** **** close... * **** ** letters ***** ** **** of *** ****.

Agree
Disagree
Informative
Unhelpful
Funny

*** *********** **** *********, and ***** ******** ***** to *** *** ***** money ** ***** ******. It ** ** ******** beware *****.

* ******* **** *** purpose ** **** *********** are **** *** ******. Traditionally, **** ******** *********** are **** **** *** hope ** ******* * ROI (****** ** **********)

********* ******* *** ***** out ****** *** ***** only * ******* *** result ** **** ********** for ******* *** ******* are *********.

******** * ******** ** sell ** * ****** is * ********** ******* term ********** ******** *** business ** ****** *** provide . **** ** especially **** ** *** business ******** * ****** service ** *******, ******* employment *************, *** ******* for *** *** ******.

** ***** ***, *** majority ** ****** ********* were ******* ** ** long **** ********** ******** providing ***** *** ********* to ***** ****** ** investors. ***** *** ******** are ***** ******** ****** for *** ******* ******** and ***** *******, *** not *********** ******** **** term ********* ** *******. Too **** *** ********** are *** ******* ** become ****** *********. ********* that **** ******.

Agree
Disagree
Informative
Unhelpful
Funny

******** ****** *** ********* about *****'* ******* ** meet ***** $*** ******* 2025 ******:

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* ***** ** ********* if **** *** *** reach $*** ******* ** revenue. * ***** **** be ********* ** **** came ***** ** ***** $412 ******* ******* / $72.8 ******* ****** ****, though ********* ** **** acquisitions **** **, **** could ********* **** *** top-line ******.

Agree
Disagree
Informative
Unhelpful
Funny

********* *** ****** ******* end **, *** ******* survey ******* ******* ** indication **** **** *** believed ** **** *********** for ******. ** **** point ** **** *** the **** **** ** the **** ******** *** investors.

********* ** **********, ** could ** * **** wait.

** ****** *** ****** as **** *** *****.

Agree
Disagree
Informative
Unhelpful
Funny

*** ******* ****** ******* provide ** ********** **** they *** ******** ** have *********** *** ******

**** **** ****** $*** million, *****'* ** ******** that **** *** ****, the ******** ** *** much.

Agree
Disagree
Informative
Unhelpful
Funny
Agree
Disagree
Informative
Unhelpful
Funny

[******] ***** *** *********:

***** *** ** ***** to ******* **** ***** at **** ****. ***** generally *** **** * long **** ********, *******, and ****** *** *** of *** *********.

Agree
Disagree
Informative
Unhelpful
Funny

******, ***** ******** * number ** ********* **** asked, ****** *****:

  • ***** *** *** *** of $** ******* **** from?

    **'* * *********** ** product *** **** ******* for *** *** ***** for ***************** ******** *********, ********* access *******, ******* **********, smart *********, ***** ********, and ****** *********** *** the ***** ********, **, and ***** *******. *** sources *** * *********** of ******** ******* ******* and ******** ********* ***********.
  • **** ** *****'* ***** for *** ****** ** the ****** *******? ****** them ****-**** ** *********?

    ** *** ****** ** comment ** *** ******.
  • *** $** ******* ** revenue **** ************ - is **** *** **** year? *** **** ***

    *** $*** ****** ** the ******** ************ ** the *** ** *** approximate ****** ******** ** three ********* *********** *************, without ******* ** ** when **** ************ ***** close.
  • ********* ** ********* *** older *** ******, ***** growth **** *********** *******. However ***** *********** *** for **** ****** *****. For ********* **** *** be *********, *** ******** to ******** ****?*** *********** ******* *** fundamental ******* **** ******* enables ******, ******** ** the ****** ******** **** has **** ***********, *** history ** ********** *** proven **** *** ****** strategy, *** ********* ** compelling *********.
Agree
Disagree
Informative
Unhelpful
Funny

*** ****** -******** *********** ********* ****:

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** * ******, **** look ****** *********** *** I ** ****** ******* some ******** ******** *******.

Agree
Disagree
Informative
Unhelpful
Funny
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