As the second-largest mobile ad network, and the top independent one, Millennial Media is the first to try to get an exit the old-fashioned way. It filed its S-1 documents today as the first step in going public, having nearly achieved profitability.
According to the filing, its revenues grew to nearly $70 million in the first nine months of 2011, a 138% increase over the same period in 2010; net losses, meanwhile, declined from $5.4 million to $417,000.
It’s competing for the same advertising clients and developer inventory providers as everyone else — but has 16.7% of the market, according to market research firm IDC, which is higher than everyone but Google-acquired Admob’s 23.8%. Apple, which bought another rival, Quattro, has 15.1%. The other big independent network is InMobi, which raised a $200 million round in September.
Overall, Baltimore-based Millennial is valuing itself at $305 million. It has taken on a total of $64.5 million in three rounds of venture backing, most recently a $27.5 million fourth round a year ago. Its investors include Bessemer Venture Partners, Columbia Capital, Charles River Ventures and New Enterprise Associates (which is about to add another IPO to its streak of public-market exits).
Millennial Media is the leading independent mobile advertising and data company. Millennial Media commands an impressive share of the mobile display advertising market. The company’s technology, tools and services also power some of the largest companies in the media business today. Millennial Media is committed to growing the mobile advertising marketplace by becoming the preferred partner to advertisers seeking to reach mobile consumers, application and media developers seeking to maximize ad revenue, and mobile operators seeking to further monetize...
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