Pure Storage, a US-based flash storage technology provider which counts electronics manufacturer Samsung as an investor, is preparing for an initial public offering, Reuters reported on Tuesday.
The company has tapped investment banks Morgan Stanley, Goldman Sachs and Barclays to lead the IPO, which would take place later this year, according to people familiar with the matter.
Founded in 2009, Pure Storage manufactures flash array storage equipment for data centres that is faster than disk-based storage systems. Its sales reportedly increased 300% in the year leading up to the end of January.
The company has raised roughly $470m in total, including $225m in an April 2014 series F round that valued it at over $3bn. Samsung participated in a $30m series C round closed by Pure Storage in 2011.
Pure Storage’s other investors include Wellington Management Company, T. Rowe Price Associates, Tiger Global Management, Greylock Partners, Index Ventures, In-Q-Tel, Redpoint Ventures and Sutter Hill Ventures.
– Photo courtesy of Pure Storage Inc.