The Rubicon Project, owner of an online ad network that automates buying/selling decisions, has filed for a $100M IPO under the symbol RUBI. Morgan Stanley, Goldman, RBC, Needham, Oppenheimer, and Luma Securities are underwriting. (S-1)
Rubicon differentiates itself through a technology platform that features 25K+ CPUs and relies on algorithms to (per the company) make ~300 data-driven decisions per ad transaction. The company claims "technical integrations" with 500+ ad sellers, and says buyers (ad networks/platforms and trading desks) collectively use Rubicon to reach 550M Web users.
Ad retargeting platform Rocket Fuel (FUEL -6.9%), which delivered a very successful IPO last year, is one of Rubicon's clients. As with many other online ad names, Google looms large as a competitor.
Over the first nine months of 2013, Rubicon had revenue of $55.7M (+48% Y/Y), and a net loss of $9.2M. Gross margin was 79.9%.
2013 was a mixed year for online ad IPOs. While Rocket Fuel and fellow retargeting platform Criteo performed very well, online video ad plays YuMe and Tremor Media fell flat.