Domo, a US-based business analytics technology provider that counts enterprise software producer Salesforce.com as an investor, is preparing an initial public offering, Bloomberg reported on Tuesday, citing people familiar with the matter.
Founded in 2010 as Shacho, Domo has developed what it calls an operating system for your business, a cloud-based, open-source platform that combines data analytics with visualisation tools to help companies run their businesses more effectively.
Josh James, Domo’s founder and CEO, revealed last year that the company aimed to go public by the end of 2015, but the shaky state of the public markets since then have caused any flotation to be delayed.
However, Domo is now working with banks Morgan Stanley and Credit Suisse on preparations for an IPO.
The company has raised about $590m altogether, including $331m in a two-tranche series D round backed by investors including Credit Suisse, Canyon Capital Advisors, BlackRock, Capital Group, Glynn Capital and GGV Capital that closed last month, valuing it at $2bn.
Salesforce participated in Domo’s $125m series C round, closed at an $825m valuation in 2014, while marketing firm WPP was an investor in its $10m angel round.
Domo’s other investors include TPG Growth, Institutional Venture Partners, Zetta Venture Partners, Dragoneer Investment Group, Fidelity Investments, Morgan Stanley Investment Management, T. Rowe Price, Viking Global Investors, Greylock Partners, Mercato Partners, Andreessen Horowitz and Hummer Winblad Venture Partners.