Cloud-based security platform provider Alarm.com, Inc. has filed for an initial public offering (IPO.)

According to reports, the company is looking to raise $75 million which it plans to use on working capital and other general corporate purposes. Goldman Sachs & Co., Credit Suisse and BofA Merrill Lynch are joint book-running managers for the offer.

Founded in 2000, Alarm.com offers what they describe as an “intelligent cloud service” that makes it possible to users interact with their homes in a way that “adapts to your lifestyle to deliver a highly personalized and unmatched experience.”

Solutions offer control and awareness across a connected home, and offers control of internet of things (IoT) devices through a mobile app. In case of power outages, Alarm.com’s system also uses battery backup and a cellular network connection to make sure that the system remains functional at all times and users have access via the app.

Services offered include Interactive Security, Energy Management, Video Monitoring, and Intelligent Automation, and are installed via a nationwide network of professional, licensed service providers.

Alarm.com says it has 2.3 million subscribers and reported $167.3 million in revenue for 2014 and net income of 563,000 for the year, up from $130.2 million on net income of $122,000 in 2013.

The lurking competition

While the numbers look solid for Alarm.com (a tech company going public that makes a profit, wonders never cease,) their IPO comes at a time of increasing competition, particularly from the likes of Google, Inc., Apple, Inc., and Samsung Electronics Co. Ltd., all in the process of entering the home security market.

The natural comparison is FitBit, who has also filed for an IPO and is facing the exact same list of competitors; both could be said to be going “alright” but how long smaller companies can hold out against a troika of some of the biggest tech companies on the planet is another matter.

Venture Capital firm ABS Capital acquired Alarm.com for $27.7 million in 2009, and the company entered the IoT home automation and energy management space in 2010. In 2012, it raised $136 million in a private equity round from Technology Crossover Ventures.

An IPO date has yet to be scheduled.