# iLobby Financial Model

Enterprise Visitor Management (EVM) SaaS platform that digitises, screens, and monitors physical access across facilities for regulated industries.

- Canonical: https://finamodel.com/startups/ilobby
- Excel download: https://finamodel.com/startup-models/ilobby.xlsx
- Category: Biotech/Pharma
- Model type: SaaS ARR / Valuation
- Funding round: Series A
- Funding: $100M
- Founded: 2021
- Geography: Global - 45 countries, HQ Toronto, Canada. [DECK, slide 4]
- Customer: B2B

## About the company

iLobby provides visitor-management software for security-sensitive and regulated facilities. The core system handles sign-in, ID scans, watchlist checks, badges, and emergency evacuation, with modules for deliveries, COVID screening, touchless sign-in, temperature checks, facial verification, and employee access.

Subscriptions are charged per entry point monthly: $199 for Corporate, $275 for Enhanced, and $499 for Enterprise. iLobby supplies and owns the kiosk hardware, although the deck does not clarify whether it is embedded in subscription margin or billed as a setup item. Direct sales are primary, with resellers a future lever.

The company had more than 700 clients and 2,500 entry points across 45 countries and 35-plus languages, with logo CAGR of 52% from FY2018–20. It added 239 customers in FY2020. The model should forecast sites, tier mix, hardware cost, implementation, expansion, churn, and support.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

Physical facility access management for security-sensitive, compliance-heavy industries. Core platform: **Visitor Management** (sign-in, ID scanning, watchlist checks, badge printing, emergency evacuation). Add-on modules launched FY2020–FY2021:
- iLobby Delivers (mail/package management, Feb 2020)
- COVID-19 Workflows (pre-screening questionnaire, Apr 2020)
- Touchless Sign-In (mobile-based sign-in, Jun 2020)
- FeverCheck (contactless temperature at sign-in, Jul 2020)
- FaceMatch (facial verification / bypass, Sep 2020)
- Employee Pass Mobile App (daily sign-in/out, door locking, Oct 2020)

Differentiators: multi-platform kiosk support (iOS, Android, Windows), one-stop-shop (iLobby owns and ships hardware), white-glove enterprise support, watchlist integrations (ITAR, C-TPAT), SOC-2 / GDPR / FISMA compliant.

## Market

Bottom-up TAM analysis (enterprise tier only, full entry-point penetration at current pricing, CAD/USD 1.32):

| Segment | Employee range | Companies worldwide | Avg entry points | Monthly price/entry point | TAM |
| -- | -- | -- | -- | -- | -- |
| Extra Large | >50K | 2,083 | 100 | C$659 | ~C$1.6B |
| Large | 10K–50K | 10,090 | 50 | C$659 | ~C$3.9B |
| Medium | 2K–10K | 50,963 | 30 | C$363 | ~C$6.7B |
| Small | 1K–2K | 54,982 | 10 | C$263 | ~C$1.7B |
| **Total TAM** | - | - | - | - | **~C$14.0B** |

Notes: Company count sourced from S&P Capital IQ; entry points per company are management estimates. Companies <1,000 employees excluded.

Growth rate of market: Not quantified in deck. Qualitative commentary: "Increasing importance of EVM in a post-COVID world is driving accelerated adoption."

## Revenue model

**Subscription SaaS per entry point per month**, three tiers:
- Corporate: US$199 / entry point / month
- Enhanced: US$275 / entry point / month
- Enterprise: US$499 / entry point / month

Three packages referenced in slide 5; mapping to the above three price points is - likely Corporate = entry-level, Enhanced = mid, Enterprise = full-featured.

Hardware: iLobby owns the hardware and provides it as part of the solution (all-inclusive / one-stop-shop). Revenue treatment (bundled in subscription vs. separate HW revenue) not stated.: Hardware cost embedded in subscription margin or a one-time setup fee.

Channels: Direct sales (4 new sales hires in FY2020); VAR/reseller model identified as a growth lever but not yet the primary channel.

## Traction & metrics

- 700+ clients
- 2,500+ entry points deployed globally
- 45 countries
- 35+ languages
- 52% CAGR in Logos from FY2018–FY2020
- 239 new customers added in FY2020; key adds: Comcast, Concord Foods, Labatt Brewing, Vancouver Fraser Port Authority
- Fiscal year end: July 31
- Original Visitor Management release: FY2018; most recent platform update: January 2020

Revenue, ARR, MRR, EBITDA, churn, NRR: **Not in deck**. This CIP appears to be a teaser; detailed financials would be in a separate dataroom package.

## Unit economics

Implied ARPA (rough sanity check using deck data - tagged):
- 700 clients, 2,500 entry points → ~3.6 entry points per client on average
- At blended price ~US$275/entry/month × 3.6 × 12 ≈ US$11,900 ARPA/year per client
- At enterprise tier (US$499): ~US$21,500/year per client

## Competition / moat

Named competitors implied via comparison matrix (slide 9): positioned against office-focused EVM players (SMB/mid-market). iLobby wins on:
- Robust suite of functions
- Scalable SaaS platform
- Wide-ranging platform integrations
- Cutting-edge features
- Focused on industrial/commercial sectors less impacted by COVID (vs. office-first competitors)

Moat claims:
- High switching costs for large enterprise (organizational complexity, integration depth)
- Owns hardware - controls procurement and deployment
- Regulatory integrations (ITAR, C-TPAT, government watchlists) are expensive to replicate
- 25+ years of security expertise (founding team heritage)

## Team & funding ask / use of funds

**CEO**: Ariel Mashiyev - joined August 2017, led restructuring. Awards: 2019 OBAA Young Entrepreneur of the Year; 2018 Startup Canada Ontario Region High-Growth Entrepreneurship.

Founding/prior team: Security industry veterans (25+ years of security experience referenced).

**Transaction**: RBC Capital Markets engaged as sole financial advisor for potential share sale. No specific raise amount, use of funds, or valuation disclosed in this CIP.

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## Recommended financial model

- **Archetype + why**: **SaaS ARR / entry-point subscription model with 3-statement build**.
  - Revenue unit is the entry point (not seat, not user), billed monthly. Three pricing tiers drive blended ARPA.
  - Hardware component needs a treatment (capex owned by iLobby, depreciated, or bundled in subscription COGS).
  - This is a **growth equity / strategic sale process** (CIP via RBC), so the model should reflect a buyer/investor perspective: LTM actuals + 3–5 year forecast with EBITDA bridge and exit multiple.

- **Forecast horizon & granularity**: Monthly for Year 1–2; quarterly/annual for Years 3–5. FY end July 31.

- **Key drivers & assumptions**:
| Driver | Value | Source |
| -- | -- | -- |
| Entry points at period start | 2,500 | - |
| Logo count at period start | 700 | - |
| Logo CAGR (FY2018–FY2020) | 52% | - |
| Avg entry points / logo | ~3.6 | - |
| Blended price / entry point / month | US$263–499 (3 tiers) | - |
| New logo growth rate (forecast) | 30–40% | - |
| Net revenue retention / upsell | ~110–120% | - |
| Gross margin % | 65–75% | - |
| Hardware cost per entry point | : ~US$500–800 one-time, capitalized | iLobby owns hardware - amortized over contract term |
| Sales headcount growth | 4 added in FY2020 | ; further expansion in forecast |
| CAC payback period | 18–24 months | - |
| Churn rate (logo) | 5–8% annually | - |

- **Scenarios (Base / Bull / Bear - which variables flex)**:
  - **Base**: Logo growth 30% YoY, blended ASP stable, NRR 110%, GM 70%
  - **Bull**: Logo growth 50% (COVID tailwind extends), add-on penetration drives NRR to 120%, gross margin expansion to 75%
  - **Bear**: Logo growth 15% (competition intensifies, macro slowdown), churn rises to 10%, hardware costs squeeze GM to 60%
  - Flex variables: new logo growth rate, blended ASP / tier mix, NRR, hardware cost per entry point, sales efficiency (magic number)

- **Required sheets / outputs**:
  1. **Assumptions** - all drivers in one editable block
  2. **Revenue Build** - logo cohorts × avg entry points × blended price → MRR/ARR by tier; expansion from add-ons
  3. **Income Statement** - Revenue, COGS (SaaS hosting + hardware depreciation), Gross Profit, S&M, R&D, G&A, EBITDA
  4. **Balance Sheet** - simplified; focus on hardware asset balance (PP&E), deferred revenue, working capital
  5. **Cash Flow Statement** - OpCF, capex (hardware procurement), FCF
  6. **KPI Dashboard** - ARR, logo count, entry points, ARPA, NRR, LTV:CAC, EBITDA margin
  7. **Valuation / Exit** - ARR multiple range (e.g. 8–15×) → equity value; sensitivity table (ARR × multiple)

## Frequently asked questions

### Is the iLobby financial model free?

Yes. The iLobby model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.