In the S-1, we get a glance at their financials. Revenue is growing, bringing in $261 million for the fiscal year ending in January and $166 million for the same period last year.
Losses were $186.32 million, down from $203 million year-over-year. We “expect to continue to incur net losses for the foreseeable future,” said the “risk factors” section of the filing.
Cloudera acknowledges that it faces a range of competition. HP, IBM, Oracle, Amazon Web Services and Hortonworks are amongst the competitors listed.
Intel invested $740 million into Cloudera at a $4.1 billion valuation in 2014, but Intel’s partnership with the company is more than financial. The filing reveals that Intel and Cloudera share a joint product roadmap that focuses on improving speed and security for processing massive data sets. “Among many tangible examples of joint development, Intel and Cloudera collaborated on optimized data encryption speed through use of arithmetic acceleration built into the Intel Architecture. Intel and Cloudera also collaborated to develop Spot (incubating project), an open source cybersecurity analytics platform built on open data models that provides advanced threat detection using big data analytics and machine learning,” the filing states.
The company has raised $1 billion, dating back to 2008. The filing shows that Intel is the largest shareholder, owning 22 percent of the company, Accel owns 16.3 percent and Greylock Partners owns 12.5 percent.
The last funding round was three years ago, which is longer than most venture-backed companies go with financing on the road to IPO. Both acquisition and IPO rumors swirled about Cloudera over the past several years.
Morgan Stanley, JP Morgan and Allen & Co are co-managing the offering. The company plans to list on the New York Stock Exchange, under the ticker “CLDR.” Snap, MuleSoft and Alteryx also went on the NYSE, a contrast to last year, when most of the tech IPOs listed on the Nasdaq.
Due to the JOBS Act, companies typically unveil their filing about 15 days before the investor roadshow. This means that the actual IPO is likely to take place in late April or early May, as long as the company and stock market remain stable.
The proposed offering size is $200 million, but that is just an estimate. The IPO will get priced the night before it debuts on the stock market.
Cloudera is part of a wave of tech IPOs. Earlier this month, Snap kicked off tech IPOs for the year after a slow last year. Since then we’ve seen MuleSoft and Alteryx debut. We’ve also seeing filings for Yext and Okta, which are expected to debut in the coming weeks.
The success of recent IPOs and the positive performance of the stock market has opened up the “window.” Bankers and companies are comfortable going public, given the strong reception for others in the industry.