Enterprise Data Firm Cloudera Plans Its Float

Enterprise Big Data firm Cloudera has revealed plans for an IPO.

Reports Friday (March 31) said Cloudera has filed its S-1, revealing $261 million in revenue for the latest fiscal year and $166 million for the previous fiscal year. Losses were also reduced year over year down to $186.32 million, reports said.

The company hasn’t raised venture capital since 2014 and has since been subject to IPO rumors. With that talk officially confirmed, Cloudera will be facing competition by several big names, including IBM, HP and Oracle, to name a few.

Earlier this year HP acquired SimpliVity, another enterprise data management firm, for $650 million.

Still, the firm has its own big name supporting the firm, with Intel owning 22 percent of the company. Accel also owns a significant portion of Cloudera, holding 16.3 percent, reports noted.

Cloudera will likely float later this month or in May, looking to raise an estimated $200 million, though its IPO won’t be officially priced until just before its float.

In 2015, another enterprise cloud company, Nutanix, revealed its own IPO plans to similarly raise $200 million. Reports also pointed to a recent spike in tech IPOs, most notably with Snap last month, with plans for more filings from Yext and Okta.