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April 18, 2017

Hadoop startup Cloudera sets IPO price

Intel looks to buy 10% of shares in the offering.

By CBR Staff Writer

Big data software provider Cloudera has filed an amended document with the US stock market regulator to issue an initial public offering (IPO) with an expected price range of $12 to $14 a share.

The company plans to issue 15 million shares of common stock in the public issue.

In the filing, the company said that Intel has indicated an interest in buying up to 10% of the shares to be issued in the offering.

Its shares will be listed on the New York Stock Exchange with a ticker symbol “CLDR”.

Cloudera intends to use the proceeds from the IPO to meet working capital requirements and other general corporate purposes.

The company offers its software platform on a subscription basis with a focus on selling to 8,000 global corporate enterprises as well as large public sector organizations.

For the fiscal year ending 31 January 2017, the company earned 73% of its total revenue of $261m from Global 8000 customers.

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Cloudera said: “Our customers continue to expand their usage of our platform. The net expansion rate for our subscription revenue was 142% as of January 31, 2017.

“A growing, vibrant ecosystem has developed around our platform, and many third‑party developers have primarily standardized on it, building more than 100 industry-specific use cases, or applications, using our proprietary technology.”

READ MORE: Cloudera IPO: An argument against open source business?

Incorporated in Delaware in 2008, the company employed 1,470 full‑time employees as of 31 January this year.

In May 2014, the company received an investment of approximately $741.8m from chipmaker Intel, which later increased it to $766.5m by the end of January 2017.

After the completion of the IPO, Intel is expected to hold 19.4% of outstanding shares in the company.

In February 2015, Hadoop open source software distributor Cloudera acquired self-service data analytics firm, in a move to broaden its offerings toenterprise customers.

The acquisition was expected to enable Cloudera to assist customers in speeding up their enterprise data hub (EDH) deployments and facilitate the addition of more data and more complex workloads (automation, optimisation, self-service) to their Cloudera environments.

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