Cape owned (64%) by Teddy Sagi and managed by Ido Erlichman, which provides cyber security and network security software and is traded in London (NYSE: KAPE) at a value of $ 2 billion. Releases Preliminary Results for 2021: Revenue was $ 230.5 million, up 89% from 2020, and adjusted EBITDA nearly doubled, from $ 39 million a year earlier, to $ 77 million now.
Both items are higher than the forecast provided by the company in the past – with discount revenues in the range of $ 197-202 million, which is a “surprise” of 14% at the top end of the range. In adjusted EBITDA, the forecast was for $ 73-76 million.
The growth was affected not only by existing operations but by mergers and acquisitions that Cape reported this year: the first, of Israeli Webselense for $ 151 million in cash and shares. The company operates, among other things, product comparison sites that it says present objective reviews, recommendations and tips on security and privacy products.
The second acquisition, Cape Town’s largest in five years, was from ExpressVPN for $ 936 million in cash and shares. The company operates in the field of VPN and provides a solution for anonymous and secure web browsing, its purchase was completed last December. Excluding ExpressVPN’s contribution, but with that of Webbels, revenue was $ 212.5 million.
The company’s subscription base grew by 158% during 2021 and now numbers over 6.5 million paying subscribers. The subscription retention rate is 82%. The company also notes that half a million subscribers have been added from its organic operations, an increase of 18% compared to 2020, and at the same time the company has managed to reduce customer acquisition costs.
Against the backdrop of acquisitions and performance, the Cape stock has doubled in value over the past year. As for 2022, Cape has confirmed its forecasts that include ExpressVPN results: revenue of $ 610-624 million, and adjusted EBITDA of $ 166-172 million.
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