Hot on the heels of a very successful IPO by Snap, on March 31big data giant Cloudera filed paperwork announcing its plans to go public. Cloudera built its very successful enterprise big data platform on top of open source Hadoop platform, and has cut out a huge market share. Hadoop, invented by Google and refined greatly by Yahoo, allows for very cheap distributed storage of large quantities of data. While much of Cloudera’s project is open source, their success has come from building out a number of proprietary tools aimed at business managers and other non-technical staff. This packaging has allowed the startup to outpace competitors like Hortonworks and MapR when it comes to sustained growth.
Cloudera’s announcement comes as many other highly regarded tech startups are planning to go public. API management platform MuleSoft and data analytics purveyors Alteryx have already launched very successful IPOs this year, and other companies like Yext and Okta are planning to go public as well. The first quarter of 2017 has been a hot one for tech IPOs, following a relatively small number of IPOs from the sector in 2016.
Intel has been one of the primary backers of Cloudera over the years, as have venture capital firms like T. Rowe Price and Accel. Last year, Cloudera reported a gross revenue of $261 million, up significantly from the previous year’s $166 million. By launching their IPO now, Cloudera is continuing a trend of tech copmanies going public before turning a profitable year. Last year, Cloudera lost just under $187 million when all expenses are factored in, although that number is a significant narrowing from their 2015 numbers. Cloudera seeks to raise over $200 million in their IPO, and while stock prices have not been announced the company is expected to be valued at $4 billion.