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Monday was a busy day in the tech industry with no less than five high-profile and promising companies filing to go public. Here are the stories and teams behind the five soon-to-be public companies.
Monday was a busy day in the tech industry with no less than five high-profile and promising companies filing to go public. The companies - Snowflake, Unity Technologies, Sumo Logic, Asana, and JFrog - all specialize in different areas within the tech industry, but they all likely believe that going public is their best shot to raise capital in 2020.
Here are the teams and stories behind the five soon-to-be publicly traded companies.
Snowflake
Snowflake is an enterprise software startup that allows companies to store and manage data in the cloud has filed its IPO paperwork. The company, which is now valued at over $3 billion by private investors, was founded in 2012 by Benoit Dageville, Thierry Cruanes, and Marcin Zukowski.
The big-data storage startup has grown rapidly and can count major brands like Capital One, Sony, Adobe, and McKesson among its clients. In the first half of 2020, the companyās revenue surged 133% to $242 million compared to $104 million during the same period in 2019. This rapid growth and the increasing demand for cloud-based tech make Snowflake an exciting prospect to watch.
Sumo Logic
Sumo Logic is another technology company that has filed its plan for an IPO with the US Securities and Exchange Commission (SEC). However, the cloud-based machine data analytics company hasnāt specified the number of shares to be offered and the price range for the proposed offering. The company plans to trade on the Nasdaq under the ticker symbol "SUMO."
The company was founded in 2010 and raised at least $340 million while it was private to help further its work on continuous intelligence, a new category of software. The company crossed the $100 million revenue mark in 2018 and has over 2,000 customers, including household names like Airbnb, Anheuser-Busch, and Samsung.
Asana
Software unicorn Asana is valued $1.5 billion and is revolutionizing the workplace productivity software market. Now the company has set its eyes on going public via a direct listing on the New York Stock Exchange. Asana has tapped Morgan Stanley, J.P. Morgan, Credit Suisse, and Jefferies as financial advisers for the transaction.
The company was co-founded by Dustin Moskowitz, a Facebook co-founder, and Justin Rosenstein, an ex-Facebook engineering lead, in 2008. Asana says it has over 3.2 million free users and 75,000 paying customers, which account for 1.2 million paid users, across 190 countries.
Unity Technologies
The popular game engine and simulation company has also filed with the SEC to go public. Unity expects to trade on the New York Stock Exchange under the ticker symbol "U."
The Danish-American company was founded in 2004 and gives content creators around the world the tools to create immursive 2D and 3D experiences for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. These tools are used by 1.5 million monthly active users to create games and other content that can be found on over 1.5 billion devices around the world.
JFrog
JFrog, a tech company that makes tools for software developers, announced that it has filed a registration statement with the SEC, starting its path toward an IPO. The company plans to raise up to $100 million and list on the Nasdaq under the ticker symbol āFROG.ā
The Israel-based company was founded in 2008 and its product allows users to implement automatic and routine updating of their software. As of June 30, 2020, JFrog had over 5,800 customers, which helped it generate $69 million in revenue through the first 6 months in 2020, up 50% compared to the first half of 2019.
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