Cloudflare, a US-based internet technology provider backed by corporates Alphabet, Qualcomm, Microsoft and Baidu, has begun preparations for an initial public offering, CNBC reported yesterday.
The prospective IPO is slated to take place in the first half of 2019 and could value the company at more than $3.5bn, according to people familiar with the matter. Goldman Sachs is lead underwriter for the offering.
Cloudflare has created a cloud network platform that accelerates performance of websites while helping to keep them secure. Its products include a content delivery network, domain name system management tool and a video streaming platform.
The company had raised a total of $182m as of 2015 when it secured $110m in a series D round featuring software provider Microsoft and internet group Baidu as well as Qualcomm Ventures and GV, respective subsidiaries of mobile chipmaker Qualcomm and internet and technology company Alphabet.
Investment and financial services group Fidelity Research and Management led the round, which included existing backers New Enterprise Associates, Pelion Venture Partners, Venrock, Union Square Ventures and Greenspring Associates.
News of the preparations follows reports over the past week that ride hailing services Uber and Lyft, big data miner Palantir and cybersecurity technology producer CrowdStrike are all seeking to go public in 2019, at projected valuations between $3bn and $120bn.
