Pepix, a Norwegian rival to the video conferencing platform Zoom that has been catapulted to prominence during the Covid-19 pandemic lockdown, plans to go public on the Oslo stock exchange later in 2020. Zoom itself has seen its user numbers soar, and its share price too, as work from home has become the ‘new normal’ and friends and family have also adopted it to stay in touch.

But Pexip is growing too and will hope a stock market float will provide company with the financial ammunition to mount a serious challenge to its larger Silicon Valley rival. The company currently plans to float around £100 million in new shares and investors will be wooed via a virtual roadshow, which will replace the tradition circuit of physical pitches to potential investors ahead of an IPO.

Another £100 million of existing shares will also be sold by the company’s early backers and the company hopes to achieve an initial market valuation of around £450 million. Its certainly in a booming sector with demand for videoconferencing solutions almost certain to remain much higher than it was before the Covid-19 pandemic, even after lockdowns are relaxed and, eventually, end completely.

Rival Zoom has seen its share price value double so far this year, valuing the company at $44 billion. Despite concerns raised about potential security vulnerabilities, it has been one of the biggest winners of the unexpected disruption to daily life over the past couple of months.

Pexip is only actually a year younger than Zoom, with the company founded in 2012 to Zoom’s 2011. The company merged with Videxio, another cloud video communications start-up early in its existence and currently offers its Zoom alternative in 75 countries, employing a total of around 220 people. Considered more secure than Zoom, Pexip is a favourite of governments and is used by parts of both the Irish and U.S. state institutions and government departments.

But the company believes its platform is just as suited to personal use as it is for security-sensitive communication. With the coronavirus pandemic quickly accelerating the trend towards more remote work, Pexip is moving to push home its advantage. The crisis has provided it with a “further tailwind to an already strong momentum from last year”.

Annual recurring revenues to the end of March were up 50% on the previous year to a total of $56.7 million. Executive chairman and co-founder Michel Sagen comments:

 “Pexip has an excellent foundation for future growth with . . . a unique product portfolio.”