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Home / Business / Smartsheet Files for IPO – Business Insider

Smartsheet Files for IPO – Business Insider



Smartsheet CEO Mark Mader
Smartsheet

  • Smartsheet, a $ 852.1 million collaboration software company, has applied for the IPO
  • Smartsheet, founded in 2005, has boosted its performance Sales from 2017 to 2018 by 66 percent, but also its losses increased in the same period by a whopping 223%.
  • It's the latest enterprise-technology company to turn public offerings in 2018, which has already proved to be a year of IPOs. [19659006] Three days after the successful IPO of Dropbox, another software company has applied for the IPO.

    Smartsheet – one of the best-known business software startups in Seattle – submitted its S-1 on Monday. The company will go public on the New York Stock Exchange under the ticker "SMAR" in an offer from Morgan Stanley, JP Morgan Securities and Jefferies.

    Smartsheet, founded in 2005, has not yet set a stock price, but the company was recently valued at $ 852.1 million in a May 2017 financing round, according to PitchBook.

    Smartsheet had raised a total of $ 120 million in venture capital in the ten rounds of financing since it was funded in 2005. The first laps were led by the Madrona Venture Group, with Insight Venture Management and Sutter Hill in later laps. It is unclear when exactly the company will trade publicly.

    According to the S-1 filing, the company now has annual revenue of $ 111 million, and most of it comes from software subscriptions. Although sales increased by 66% from 2017 to 2018, its losses over the same period increased by a whopping 223%. Smartsheet lost $ 49 million in 2018 compared to $ 15 million in 2017.

    In fact, the company has lost money every quarter since launching in 2005, according to S-1. Most of these costs stem from product development and customer acquisition, the company said in the S-1 that "losses will persist for the foreseeable future".

    Smartsheet's S-1 is the latest in a flurry of smaller companies turning to Wall Street this month – most of them have spent more than a decade or more on venture financing.

    On Friday, Dropbox took its stock on NASDAQ in the first major technology offering of 2018 and is now estimated at around $ 12 billion.

    The $ 2.8 billion software house Pivotal also filed its IPO on Friday. And the $ 738 million "Zuora" company, which is dedicated to the subscription industry, went public on March 16, the same day Zscaler, the $ 3.5 billion company, went public $ 192 million. The $ 3 billion company DocuSign for electronic signatures also reportedly filed an initial public offering on March 20.


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