The Boston area’s best bet for another tech-company IPO is taking another step forward.
Acacia Communications, which sells networking equipment to help boost Internet connection speeds, filed its initial IPO paperwork in late December. The Maynard-based company has now updated that filing with its 2015 financial results, showing growing sales and profit.
Acacia’s sales jumped about 63 percent to nearly $240 million in 2015. Its profits grew even faster, nearly tripling to more than $40 million.
It draws most of that money from just a few customers, highlighting the specialized nature of Acacia’s products. In its SEC filing, Acacia says that nearly half of its revenue last year came from just two customers.
Acacia’s products sit at the connection point between datacenters and the fiber-optic networks that deliver data across the Internet. They help translate digital signals into the light pulses that travel over fiber lines, and reverse the process on the other end of the connection.
Acacia says its equipment can do that work faster than other devices, allowing telecommunications companies, cloud computing services, and Internet content providers to zip more information around the Internet without having to replace the actual fiber connections.
Cambridge-based venture capital firm Matrix Partners is Acacia’s largest stockholder, with 39 percent of its shares.
It’s not exactly clear when Acacia might begin selling its shares publicly. If Acacia does successfully complete an IPO, it could signal a thaw in the market for tech-company shares — CNBC reported this week that storage seller Nutanix is delaying a planned IPO until the stock market becomes less volatile.
Only one Boston-area tech company went public last year: digital security software vendor Rapid7. That was a steep drop from the four local tech companies that went public in 2014: Care.com, Hubspot, Wayfair, and Imprivata.