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April 7, 2015

Is Pure Storage heading for an IPO?

Data storage company was valued at around $3bn in 2014.

By James Nunns

According to reports from Reuters, Pure Storage is making preparations for an initial public offering.

The data storage company has been in the process of appointing Morgan Stanley, Barclays and Goldman Sachs to lead the IPO.

The company, which last year was valued at around $3bn, is expected to have its IPO later this year, according to unnamed sources cited by Reuters.

Pure Storage is a maker of flash-based storage devices and has been competing with EMC and NetApp in this market place.

The company has in the past raised over $470 million from venture capital investors such as Sutter Hill, Greylock, Wellington Management and others.

Last September, CEO Scott Dietzen said that the company was in no rush for its IPO after the company continued to post impressive revenue figures.

Earlier this year the company stated that it had increased revenue by 300% for the fiscal year ending January 2015.

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