Sumo Logic Files For IPO of $100M A Cloud Software Platform
Sumo Logic, a cloud management software startup, data analytics vendor has filed for a $100 million initial public offering (IPO), according to new U.S. Securities and Exchange Commission documents.
The Redwood City-based data analytics business said it plans to raise $100 million in its offering, although that is likely just a place keeper that will change closer to its actual Wall Street debut. It plans to trade on Nasdaq with the symbol of “SUMO.”
Sumo has raised a total of about $340 million in funding since it was founded in 2010 and was valued at about $1.2 billion after around last year.
Sumo Logic raised at least $340 million in total funding from backers including Battery Ventures, Sapphire Ventures, Accel and Sequoia Capital, per Crunchbase. It last raised money with a $110 million Series G round in May 2019.
It’s biggest shareholders going into the IPO are Greylock Partners (22.6% stake), Sapphire Ventures (7.1%), Accel (6.8%) and Institutional Venture Partners (5.6%).
In the S-1 filing, the company reported $155 million in revenue for the year that ended on Jan. 31, 2020, up nearly 50 per cent from the same period the year prior, when it reported $103.6 million in revenue. At the same time, the company’s losses have been quickly rising.
Sumo Logic posted a net loss of $92 million last year on $155 million in revenue.
Morgan Stanley, J.P. Morgan, and Jefferies are among the underwriters for the IPO. The company plans to trade on the Nasdaq under the ticker symbol SUMO.
