Flash storage solutions maker and current market leader Fusion-io has updated its IPO filing with the SEC. The company revealed it plans on selling its stock for between $13 to $15 per share, meaning its valuation will exceed the $1 billion mark, and may even come close to $1.2 billion. This would also increase the amount the company hopes to raise in the public offering to $212 million from $150 million.
Fusion-io also shed some light on its customer base, especially regarding those who account for the biggest chunk of its revenues. While the top three in 2010 were IBM, Facebook and HP with 10 percent of sales, 13 percent and 10 percent respectively, that all changed in 2011.
“Facebook accounted for 52 percent of sales an Apple for another 20 percent during the first nine months of fiscal 2011, meaning its top two customers account for 72 percent of sales.”
This also means Fusion-io’s top 10 customers accounted for over 90 percent of sales, a percentage likely to go down somewhat after June 30 when Facebook will be finishing the building of its new data center.
In the update to its S-1 filing, Fusion-io also included some sales figures for the fiscal year ending in 2011. In the first nine months were $125 million, and ran a $1.2 million loss. Moreover, its latest quarter ended on March 30 was its first profitable one, and it reported $7 million on $67.2 million in revenue.
Fusion-io’s flash technology has become one of the main centers of attention for the cloud industry, which is constantly seeking improved standards around storage and memory implementation. Fusion-io definitely plans on keeping this momentum, and partnerships play a major role in the company’s strategy. It has recently announced the second expansion of its OEM agreement with Dell, following the addition of ioDrive models to the latter’s PowerEdge servers. The company is also going after new markets, including the military segment in light of its recent demo at CWID.