In an unusual move, Pluralsight has announced that it filed confidentially for IPO. Companies typically stay quiet until they make the filings public, unless reporters break the news first.
But it’s no surprise to those who have been following Utah’s tech scene that Pluralsight is planning to list on the stock market this year. The venture-backed “unicorn” has been a late-stage company for several years now.
Co-founder and CEO Aaron Skonnard built the foundations of the education technology business back in 2004. Like many startups outside of Silicon Valley, it bootstrapped its business and didn’t raise significant outside funding until 2013.
Then it raised at least three rounds, nearing $200 million in financing. Insight Venture Partners, Felicis Ventures and ICONIQ Capital are amongst its backers.
It’s a competitive market, but Pluralsight has built a big business around online software development courses, helping people hone their skills in categories like IT, data and security.
Small businesses and large enterprises pay Pluralsight to help train their employees. Individuals can also subscribe to its services.
It is unclear when Pluralsight will complete the IPO. The release said that “the initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.”
Companies often remain on file confidentially for several months, reviewing and perfecting their prospectus. Once the filing is unveiled, companies must wait 15 days before the investor roadshow, and typically go public the week after that.
There has been a flurry of IPO activity in recent weeks, particularly in the enterprise technology category. Dropbox recently went public and Spotify is listing Tuesday. Other companies that have submitted filings include DocuSign, Zuora, Smartsheet and Pivotal.
After a slow first quarter, it is expected to be a busy spring for tech IPOs.
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