US-based enterprise data software provider Cloudera filed on Friday to raise $200m in an initial public offering that will allow semiconductor producer Intel and internet technology group Alphabet to exit.
Cloudera has developed a hybrid open-source data management, machine learning and advanced analytics platform for businesses. The software can work with information gleaned from different sources and users can build applications on top of the platform.
The company aims to float at a valuation of about $4.1bn, Bloomberg reported last month citing people familiar with the matter. It made a $187m net loss in the year leading up to the end of January 2017 from revenue of $261m.
Cloudera has raised $670m in venture capital according to its website, $371m of which was provided by Intel in March 2014. The company then invested a further $371m two months later to buy stock from shareholders including Accel and Greylock Partners.
Alphabet subsidiary GV also contributed to 2014 series F round, which came to $530m minus Intel’s secondary investment, as did T. Rowe Price and an affiliate of MSD Capital, while earlier investors include In-Q-Tel, Meritech Capital Partners, Ignition Partners, Accel and Greylock Partners.
Intel owns a 22% share of Cloudera according to the IPO filing, while Accel holds 16.3% and Greylock 12.5%.
Morgan Stanley, JP Morgan Securities, Allen & Company, Merrill Lynch, Pierce, Fenner & Smith, Citigroup Global Markets, Deutsche Bank Securities, Stifel, Nicolaus & Company, JMP Securities and Raymond James & Associates have been appointed underwriters for the IPO.