Cloud-based network provider Aryaka plans 2018 IPO, eyes $1 billion valuation

#Aryaka, a provider of cloud-based private network for companies, plans to go public in 2018, aiming for a valuation of more than $1 billion, Chief Executive Shawn Farshchi said. Aryaka, which helps enterprises connect branch offices around the world, expects annual recurring revenue of $50 million by the end of 2016, doubling to $102 million by the end of 2017, Farshchi said. Revenue in 2015 was about $24 million. The company, whose more than 500 customers include audio products maker Skullcandy, fashion house Gucci and Air China Ltd, expects to be profitable by mid 2017, the CEO said. "We will be ready within next 18 months and then we will wait for the right market conditions to go public," Farshchi said in an interview. As more software companies offer services on the cloud, businesses are ditching public networking services provided by telecommunication companies and are adopting private cloud-based networking systems provided by companies such as Aryaka.

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