It has a global physical infrastructure of nearly 200,000 hard drives and one terabit per second of network capacity, across five data centres that are interconnected by private network infrastructure. Its Backblaze Storage Cloud service keeps over 500 billion files available on demand and is designed to store trillions more in the future. Almost half a million customersįounded in 2007, Backblaze has almost 500,000 customers worldwide. Our mission is to make storing, using, and protecting that data astonishingly easy,” San Mateo, California-based Backblaze said in the preliminary IPO filing. “Data is the digital world’s most precious resource. I think people have been scared of it and so waited longer and longer.An array of hard drives – Photo: ShutterstockĬloud storage company Backblaze plans to list on the NASDAQ under the ticker BLZE, raising an initial amount of $100m (£75.5m), according to a recent filing.Īs the IPO paperwork is still at the preliminary stage, the figure of $100m is a placeholder amount that is likely to be revised as lead underwriters Oppenheimer & Co, William Blair and Raymond James get a better idea of investor demand and an eventual IPO price range and number of shares is set. "It used to be that other companies went public at other sized scales. "I actually hope us showing this is possible for a mid-market company opens the path for more companies to do this," Budman said. Backblaze has filed a registration statement on Form S-1 with the Securities and Exchange Commission (the SEC) to offer 6,250,000 shares of its Class A common stock to the public. Its B2 business, which competes with Amazon's S3 cloud storage offering, grew 61% in the second quarter. (Backblaze), a leading storage cloud platform, today announced that it has launched the roadshow for its initial public offering. He said the fresh capital will help the company expand its sales team as it faces off against industry heavyweights. Backblaze currently stores two exabytes of data - that's 2 million terabytes - and has a half-million paying customers.īudman said the IPO presented a clear opportunity to open Backblaze's books to customers and prove that it's mature enough to be a long-term technology provider. At the midpoint of the proposed range, Backblaze would command a fully diluted market value of 644 million. The San Mateo, CA-based company plans to raise 100 million by offering 6.3 million shares at a price range of 15 to 17. Until about a decade ago, when the private markets started to balloon with new entrants, it was still common for tech companies to go public with valuations below $1 billion.īackblaze executives had other reasons to go public in a highly-competitive market that features the biggest cloud services in the world from Amazon, Microsoft and Google. Backblaze, which provides cloud storage for consumers and SMBs, announced terms for its IPO on Tuesday. Backblaze, by contrast, had raised less than $3 million from outside investors between its formation in 2007 and earlier this year, when it issued $10 million in convertible notes.īut when Amazon went public in 1997, the company was generating $16 million in quarterly revenue. Rivian raised $2.5 billion in a pre-IPO round in July. Those companies all routinely tapped venture investors for hefty amounts of capital on their way to the public exchanges. Coinbase is valued above $70 billion, Roblox is over $50 billion and Affirm topped $40 billion. At least 21 tech companies to debut in 2021 are worth over $10 billion. exchanges this year and, by the standards of its peers, Backblaze is a micro-cap. Over 100 technology companies have listed on U.S. Backblaze shares climbed 24% in their debut on Thursday and another 12% on Friday, lifting the price to $22.31 and giving the company a market cap of around $650 million. In the year that ended June 30, Backblaze's revenue totaled $59.9 million, with second quarter sales up about 17% to $16.2 million, according to the company's prospectus.īackblaze raised just $100 million in its offering, less than one-twentieth the amount raised this year by companies including GlobalFoundries, Robinhood and Bumble. In an era of blockbuster market debuts preceded by astronomical private financing rounds, Backblaze is a throwback to a time when sub-billion-dollar companies routinely went public to raise capital and build their profile in an effort to win the trust of customers. NEW YORK (Reuters) - Backblaze Inc is seeking to hire investment banks for an initial public offering (IPO) in 2021 that could value the cloud storage and backup software provider at around 1. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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