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Report: Data search software startup Elastic has filed to go public
Elasticsearch BV, the data search software startup that trades under the name of Elastic, is set to go public.
Recode late Thursday quoted people familiar with the matter saying that the company has confidentially filed its S1 initial public offering paperwork with the U.S. Securities and Exchange Commission.
Founded in 2012, Elastic develops and offers the open source Elastic Stack, which includes Elasticsearch, Kibana, Beats and Logstash; X-Pack, which offers commercial features for the Elastic Stack; and the Elastic Cloud, a software-as-a-service offering for hosting Elasticsearch, hosted app search and hosted site search.
The company is best known for its Elasticsearch search product, which is used by big names such as Cisco Systems Inc., eBay Inc., Goldman Sachs Group Inc., NASA, Microsoft Corp, the Wikimedia Foundation, Samsung Electronics Co. Ltd. and Verizon Communications Inc., with more than 100 million downloads recorded. Google LLC offers a fully managed version via the Google Cloud Platform.
Elasticsearch allows companies to search large databases of unstructured information. With the use of machine learning, it can automatically identify anomalies, perform root cause analysis and reduce false positives within real-time applications.
Elastic has raised $104 million, and investors include some of the biggest names in venture capital, such as New Enterprise Associates, SV Angel, Index Ventures and Benchmark Capital.
Recode said the company will likely float with a valuation of between $1.5 billion to $3 billion once it hits Wall Street in late summer or early fall.
The news of Elastic filing to go public comes as a growing list of tech firms, many regarded as late-stage startups, have taken the plunge into public marketsor have announced plans to do so this year. Cloud survey company SurveyMonkey Inc. was the latest to confirm its plans to go public June 18, while business intelligence startup Domo Inc. is set to go out June 25.
Successful IPOs this year include Dropbox Inc., DocuSign Inc. and ZScaler Inc., to name but a few.
Image: Elastic
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