US-based data management software provider DataStax has hired underwriters for an initial public offering that could provide an exit for mass media group Comcast, Reuters reported on Friday.
The underwriters in question are investment banks Morgan Stanley and JP Morgan Chase, people familiar with the matter told Reuters. DataStax is targeting a valuation of more than $1bn in the IPO.
Founded in 2010, DataStax has created distributed cloud database technology that facilitates the creation of massive-scale, real-time applications. The technology builds on Apache Cassandra, an open source system capable of handling vast amounts of data across servers.
The company generates approximately $150m in annual sales and has attracted clients including fast food franchise McDonald’s, e-commerce marketplace eBay and airline operator Delta.
DataStax has raised $190m in funding to date, most recently closing a $106m series E round in 2014 that featured Comcast’s corporate venturing unit, Comcast Ventures, reportedly valuing it at $724m pre-money.
The series E round was led by venture capital firm Kleiner Perkins Caufield & Byers and also featured ClearBridge Investments, Cross Creek Advisors, Wasatch Funds and PremjiInvest.
DataStax’s existing shareholders also include Lightspeed Venture Partners, Meritech Capital Partners, Scale Venture Partners, DFJ Growth and Sequoia Capital.
