Business

Cloud-storage company BackBlaze files for IPO

Cloud-storage platform BackBlaze Inc. filed for an preliminary public providing Monday.

In an announcement, the San Mateo, Calif.-based firm stated it has not but decided what number of shares it would supply nor a worth vary. An S-1 submitting with the Securities and Alternate Fee stated it intends to lift $100 million, which is usually a placeholder determine that can be up to date at a later date. BackBlaze stated it intends to record on the Nasdaq World Market underneath the ticker image “BLZE.”

In its S-1, BackBlaze stated it has about 500,000 prospects worldwide and about $65 million in annual recurring income. It reported a $2.4 million loss in its second quarter, on $16.2 million in income.

“Public cloud adoption has been fast and transformational for a variety of firms,” the corporate stated in its submitting. “Nevertheless, the market is demanding alternate options to the standard, diversified public cloud distributors for a number of causes,” it stated, together with a deal with complicated merchandise and pricing that leaves behind medium-sized companies.

To that time, BackBlaze stated it’s “designed to satisfy main unmet market wants, notably amongst mid-market companies.”

Oppenheimer & Co., William Blair and Raymond James will act as lead underwriters for the providing.

https://www.marketwatch.com/story/cloud-storage-company-backblaze-files-for-ipo-11634612838?rss=1&siteid=rss | Cloud-storage firm BackBlaze information for IPO

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