Chicago's first tech IPO in five years may not be a household name, but its technology has played an important role behind the scenes during dramatic rescues, and has powered communication atop the highest mountain in the world.
Cambium Networks, founded in 2011 as a spin-out from Motorola, sells hardware and software products that provide wireless network connectivity to places with little or no internet access. It went public on Wednesday, raising $69.6 million after selling 5.8 million shares at $12 per share, which was lower than the $13 to $15 range it had sought. The company, trading on the Nasdaq under "CMBM," saw its shares continue to slide last week, finishing the week at $9.59.
But before Cambium hit the public market, it was proving out its wireless technology in a range of different industries and situations. It was used during the high-profile Thailand cave rescue, where 12 boys and their soccer coach were trapped underground for two weeks. A local telecom provider worked with a regional telco to create a hotspot at the cave entrance, using Wi-Fi connectivity provided by Cambium.
Cambium's tech was also used to stop rhino poaching in South Africa by giving conservationists wireless communication tools to send rapid response teams to protected areas once suspicious activity was detected.
Network operators in Nepal have also relied on Cambium to bring high-speed internet to the base camp at Mt. Everest.
"At Cambium, we very much focus on the growth of our business in a profitable manner. But we also focus on bringing goodness to the world," Cambium CEO Atul Bhatnagar said in an interview. "Many of our projects around the world are connecting schools, hospitals, developing communities, and outskirts of cities in rural areas."
Bhatnagar said the decision to go public was made to give the company the financial resources needed to continue to grow and better serve its global customer base.
"Wireless connectivity is the glue of the future," Bhatnagar said. "There's a lot of growth ahead of us."
Headquartered in Rolling Meadows, Cambium has customers in more than 145 different countries. Businesses, government agencies and internet service providers rely on the technology to provide wireless connectivity. Its also been used during the Carnival street festival in Brazil, as a way to monitor traffic by the city of Dallas, and by the U.S. Coast Guard.
Cambium has roughly 700 total employees, with around 100 located at its suburban Chicago headquarters. It posted revenues of $242 million in 2018, up from $217 million in 2017. Its first quarter 2019 revenue was up more than 16 percent year-over-year at $68 million.
Acknowledging Chicago's lack of tech IPOs in recent years, Bhatnagar said he hopes to see other Chicago tech companies to follow Cambium's path.
"I'm hoping that it gives motivation to a lot of other companies that if you focus, if you keep executing, if you focus on customer delight, you can build a business and deal with ups and downs."
