Home automation startup Control4 files for $60 million IPO

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By Joey Ferguson

SALT LAKE CITY — Home automation startup Control4 filed for an initial public offering that could raise up to $60 million dollars, according to an SEC filing on Monday.

The company, founded in 2003, has automated more than 120,000 homes with its software. Control4’s solution allows users to control locks, lights and security systems remotely through smart devices.

Control4 generated $109.5 million in revenue in 2012, up 17 percent from the previous year. Despite revenue gains, the company posted a $3.7 million loss in 2012, narrower than the $16.3 million loss in 2010.

“Consumers are becoming more reliant on network-aware devices in their everyday lives, contributing to the creation of a large opportunity in the mainstream home automation market,” the company said in its SEC filing. “Growth in smart devices, such as smartphones and tablets, and the ubiquity of wireless networks have combined to create the ‘connected consumer.’ These consumers are seeking a connected home with expanded capabilities in the form of networks, connected devices and smart systems.”

Control4 will trade on the NASDAQ under the symbol CTRL.