Cloudera Inc. is planning to go public, reportedly filing paperwork to go public last week, according to Bloomberg. The company is backed by Intel Corp. and is reportedly working with Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp., Allen & Co. and Citigroup on the IPO, unidentified sources told Bloomberg.
The company is expecting a valuation of about $4.1 billion, according to the report.
Cloudera offers tools and services based on Hadoop, the open-source software framework used for processing Big Data sets.
The proliferation of data means organizations need help processing and making sense of all that information, figuring out how to put it to use. Cloudera’s technology helps customers analyze large amounts of data and then enables them to use that data to make decisions quickly. Companies are hungry for that type of solution to help them generate bottom line improvements.
Demand for Big Data solutions is high and has continued to increase in recent years. By 2020, revenue from Big Data and analytics is projected to reach more than $203 billion, according to a recent IDC report.
It isn't just Big Data that is drawing companies to going public. The reported IPO also comes during a time where more tech companies are looking to IPO, less wary of potential performance downturns that plagued some public tech offerings last year. While the market for tech IPOs started slowly this year, it is starting to pick up steam. Snapchat parent Snap Inc. raised $3.9 billion this month, while enterprise software company MuleSoft Inc. is planning to price its IPO March 16.