Intel-backed Cloudera files for $4.1bn IPO
Company expects to become a public trading company before the end of the year.
Global data management company Cloudera has filled for an IPO with the US Securities and Exchange Commission, according to Bloomberg.
Cloudera is working with Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp. on its public offering, according to people familiar with the matter.
The same people said the company expects to enter the stock exchange before the end of 2017 at a $4.1bn valuation.
In addition to the mentioned financial institutions, Allen & Co., Citigroup Inc. and Barclays Plc are also said to be working on the deal.
Data Economy contacted Cloudera which was not available to comment on the subject.
Based in Palo Alto, California, Cloudera was founded in 2008 by four former Google, Yahoo, Oracle and Facebook staff.
In 2009, the company hired Hadoop’s co-creator Doug Cutting as its chief architect officer, which boosted the company’s open source sphere of influence.
Today, Cloudera is one of the largest hybrid open source software providers in the data space with 1,600 employees present in 28 countries.
Over the years, the company has raised $670m in primary capital from investors including Intel, Accel Partners and Greylock Partners.
In total, Cloudera has since its first series of funding raised $1,041m, with Intel Capital as its main backer having contributed with $740m.
Cloudera’s IPO follows a period in which several technology companies have entered the public side of trading.
Examples of companies that have carried out their IPO in recent months include Nutanix, Talend and SecureWorks.
More recently, Snapchat’s parent company Snap also entered Nasdaq in one of the most awaited IPOs of 2017.
Yet, the year still at the beginning, further companies are expected to file their IPOs. The most rumoured in the market right now include AirBnB, BuzzFeed, Cloudflare, Dropbox, MuleSoft, Pinterest, Slack and Uber.