While everyone was looking at Dropbox’s debut, Pivotal Software dropped its IPO filing.
The enterprise cloud computing company is majority-owned by Dell, which came about after its merger with EMC in 2016. VMWare also helped form Pivotal, which was created in April 2013.
Here’s how it describes its business:
Pivotal looks to “provide a leading cloud-native platform that makes software development and IT operations a strategic advantage for our customers. Our cloud-native platform, Pivotal Cloud Foundry (“PCF”), accelerates and streamlines software development by reducing the complexity of building, deploying and operating new cloud-native applications and modernizing legacy applications.”
According to the filing, Pivotal brought in $509.4 million in revenue for its fiscal year ending in February 2018. This compares to $416.3 million in revenue for 2017 and $280.9 million in revenue the year before.
The company is losing a lot of money, however. Losses for fiscal 2018 stood at $163.5 million, better than the negative $232.5 million seen in 2017 and $282.5 million in 2016.
“We have incurred substantial losses and may not be able to generate sufficient revenue to achieve and sustain profitability,” the company warned in the “risk factors” section of its IPO filing.
The company says it has filed for a $100 million IPO, but this is just a placeholder that is subject to change.
Morgan Stanley and Goldman Sachs are serving as lead underwriters. Davis Polk and Fenwick & West are serving as counsel.
The year was off to a slow start for tech IPOs with just Cardlytics and Zscaler debuting, but now we’re seeing a flurry with Dropbox, Spotify and Zuora and Pivotal.
