Cloud backup software company Datto Inc. has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission, according to a report today from Bloomberg.

Acquired by Vista Equity Partners in 2017, the company is said to be considering whether to go public later this year or in 2021. The purchase price of Datto was never disclosed but it had raised $100 million in venture capital prior to its acquisition. According to Bloomberg, quoting people familiar with the matter, the company could be valued at more than $1 billion when it decides to list.

Founded in 2007, Datto offers cloud-based software and technology solutions to managed service provider or MSPs. The company’s software offers unified continuity, networking and business management solutions in what it describes as a one-of-a-kind ecosystem of MSP partners.

Datto says its flagship SIRIS business continuity and disaster recovery solution is designed to prevent data loss and minimize downtime across physical, virtual and cloud infrastructure. The software provides automated local backup and replication on the Datto Cloud, allowing users to boot virtual machines directly from a Datto device or in the cloud should an outage occur.

Other services include Autotask PSA, a complete information technology business management platform that delivers mission-critical tools for MSP’s; Datto Networking to allow MSP partners to deliver networking as a managed service; and Datto RMM, cloud-based remote monitoring and management that allows MSPs to manage IT infrastructure with automation tools such as networking monitoring, patch management and remote control.

The company says it has thousands of MSP customers providing services to more than 1 million businesses supported by some 1,700 employees in offices in the U.S., U.K., Netherlands, Denmark, Germany, Canada, Australia, China and Singapore.

Despite a slowing number of exits and initial public offerings in the first half of 2020 amid the COVID-19 pandemic, there have been some exceptions in the market, particularly among software companies. ZoomInfo Technologies Inc. raised $934 million in its IPO June 4, when its share price jumped 62% on its first day of trading.

Other companies set to go public either later this year or early next year include Palantir Technologies Inc., Rackspace Technology Inc. and Snowflake Inc.

Image: Datto