In the context of the epidemic, due to the surge in demand for digital services by many enterprises due to the digital migration of business operations, there are still many unicorn companies in the cloud computing industry that have embarked on the process of IPO.
Following open source platform GitLab and cloud infrastructure solutions provider HashiCorp, data management software company Cohesity has also accelerated its time to market.
Listing is approaching, with a valuation of $5 billion to $10 billion
According to a statement confirming Bloomberg News reports on Tuesday, the data management software company, which is backed by the SoftBank Vision Fund, has recently submitted a secret prospectus to the U.S. Securities and Exchange Commission (SEC), saying that the IPO is expected to take place after the SEC completes its review and is ready to be listed on the New York Stock Exchange in 2022.
According to Crunchbase, Cohesity, a San Jose, Calif.-based data management software company, has raised $660 million to date, including the SoftBank Vision Fund, Sequoia Capital, Wing Venture Capital, Foundation Capital and others.
Cohesity said in March that its investment was worth $3.7 billion, up from $2.5 billion last year. Mohit Aron, the company's founder and CEO, said at the time that "an IPO is not far away."
Aron, who co-founded Nutanix, previously claimed that Cohesity's annual revenues had reached hundreds of millions of dollars and that the company's cash flow was close to breaking even.
While the company has yet to determine the number of shares it will issue or the price range for an initial public offering, people familiar with the matter said last week that it was working with JPMorgan Chase and Morgan Stanley and seeking a valuation of $5 billion to $10 billion in its IPO next year.
That's well above the $3.7 billion valuation completed in March. In addition, a person familiar with the matter said that Bank of America is also offering advice.
The market prospects are impressive, and the next generation of data management is the leader
Cohesity was founded in June 2013 by Mohit Aron, a company that develops software that enables IT professionals to back up, manage, and gain insights from data across multiple systems or cloud providers.
Following continuous product innovation, in June 2018, the company announced that it had secured a $250 million Series D funding round led by the SoftBank Vision Fund. In August, the company launched a SaaS-based management console called Helios.
In 2021, Cohesity continues to innovate rapidly, with CEO and founder Aron saying, "Our unique next-generation data management platform delivers tremendous value to our customers. ”
"In a world where ransomware attacks are proliferating and hybrid clouds are becoming the norm, more and more businesses are trusting Cohesity to manage their data, and the need to extract value from it has never been stronger."
(Source: Cohesity.com)
Protecting customers from sophisticated ransomware attacks through a multi-layered data security architecture, Sky Lakes Medical Center relied on Cohesity to successfully recover all of its servers and applications after a ransomware attack – without paying a penny ransom.
This next-generation data management platform drives the company's success in many of these areas, helping to ensure that data is available, visible, compliant, movable, accessible, protected, and easily recoverable by third-party applications—which is critical in an era of escalating cybersecurity.
It is estimated that the combined cloud infrastructure, security, network, and applications markets will reach around $73 billion by 2026.
Meanwhile, Cohesity this year announced a strategic partnership with Amazon Web Services (AWS) to bring data management as a service to market with the goal of ushering in a new era of simplified data management through SaaS deployments and AWS.
This unique solution is growing in popularity in the market, providing customers with an extremely simple way to back up, protect, govern, and analyze their data, all managed directly by Cohesity and hosted on AWS. In addition, Amazon has made an equity investment in Cohesity.
In the latest news, Cohesity announced on December 23 that it was named a "leader" and "top performer" among the 15 vendors participating in the enterprise scale-out file system GigaOm Radar.
(Source: GigaOm)
In fact, Cohesity was one of the first players to see data protection as essential to a complete data management solution, developing a scale-out file system for storing data on the back end with an extremely easy-to-use UI and a range of tools to protect, consolidate, analyze, secure, and manage an impressive number of data sources.
The business is growing steadily and the fundamentals are remarkable
As of July 31, 2021, Cohesity recorded its best-ever results through data for the fourth quarter of fiscal 2021, showing a $300 million operating rate.
Robert O'Donovan, the company's chief financial officer, said in a statement: "In the fourth quarter, we had the biggest days, weeks, months and quarters, all of which were our biggest years. From fast-growing ARR to excellent net expansion to strong customer growth — including staggering growth in the Fortune 500 — the company is going all out to break records every moment. ”
(Source: blocksandfiles)
Strong subscription business: Fourth-quarter revenue exceeded $300 million, up more than 70% year-over-year.
Strong net expansion rate: Net expansion rate continues to exceed 130%, the benchmark for leading subscription and SaaS companies, which also means that ARR for Cohesity's existing customer base has grown by more than 30% over the past 12 months.
Rapid growth in global customers: The number of customers doing business with the company increased by 40% year-on-year to approximately 2,600 and was rapidly adopted in the Americas, Emea, Middle East and Africa regions and Asia Pacific.
Cohesity provided results that further emphasized the success of the company's subscription-based software model, with customers including Cisco and NASA, a significant increase in the number of Fortune 500 companies adopting its technology by the end of the fourth quarter, including four of the top 10 fortune companies, three of the top ten U.S. banks, and three of the top five U.S. health insurers.
In addition, over the past year, Cohesity has expanded its board of directors and advisors:
Kimberly Hammonds: Former Group Chief Operating Officer of Deutsche Bank, former Group Chief Information Officer of Boeing And consulting for several private technology companies, including Zoom, UiPath, Tenable and Box.
Robin Matlock: Joined Cohesity's Board of Directors in January, most recently as VMware's Chief Marketing Officer. During her 11 years at VMware, she helped shape the company's business and marketing strategy and played a key role in expanding the company's revenue from $2 billion to $11 billion.
Bask Iyer: Prior to becoming a Cohesity Consultant, he served as VMware's CIO and Digital Transformation Officer. Over 30 years of experience executing and driving change at Fortune 100 manufacturing and high-tech companies, including SaaS transformation.
In summary, Cohesity's business has grown steadily, the SaaS transformation is progressing well, the board of directors has been strengthened, and the next IPO looks logical.
Cohesity said its fourth-quarter revenue was $75 million, so it ran at $300 million. Comparison revealed that Nutanix had quarterly revenue of $74 million in the fourth quarter of fiscal 2015 and conducted an IPO in September 2016. It can be seen that the official landing of Cohesity may come a little earlier than the same period of Nutanix.
epilogue
So far this year, about 94 Bay Area companies have gone public through IPOs, direct listings and mergers with bad-check companies, the highest level since the Internet boom and bust more than two decades ago.
But the companies haven't performed particularly well since they went public, with about 71 percent of new Bay Area public companies trading below their debut prices, which could dampen future offerings.
Although Cohesity aims to become a leader in next-generation data management, it still faces numerous competitors in this space. After executing, expanding, and driving change at high speeds, we can only wait and see if Cohesity can take its place in the cloud infrastructure and cybersecurity market.