#CLOUD BACKBLAZE THURSDAY FRIDAY IPO SOFTWARE#

Furthermore, Backblaze has a robust marketing including its successful blog and organic traffic. Focusing on the essentials keeps things simple and affordable, and the company states that its primary target are midmarket organizations with 10-999 members. Both tasks are critical especially as there is an increased focus on cybersecurity, and yet there are no additional bells and whistles which add some value but largely keep smaller businesses confused. Backblaze offers cloud storage and a computer backup service, and that is it. Smaller businesses can find themselves overwhelmed by the array of services Amazon offers and are unable to make effective use of it. But for all of Amazon's success, it has increasingly become a company which focuses on larger organizations. Some investors may wonder how a company worth less than $1 billion can hope to stand up to the Amazon titan. It is the 'easy and affordable' part of that quote which explains Backblaze's success.

Changing the Cloud Marketīackblaze describes itself in its prospectus as 'a leading storage cloud platform, providing businesses and consumers cloud services to store, use, and protect their data in an easy and affordable manner.' The company has attracted 480,000 customers across 175 countries and keeps over 500 billion files available on demand. While there are some concerns in its financial numbers, it has a low valuation and other points in its favor. This is a company which has managed to find its own niche in the cloud market despite the presence of giants like Amazon (NASDAQ: AMZN). Backblaze CEO Gleb Budman told Business Insider that 'sitting on a large pile of cash on day one' worsens efficiency and morale, and so raised less than $3 million from outside investors.īut despite or perhaps because of these unusual qualities, there is a lot to like about Backblaze's potential. There has been a great deal of interest in Backblaze for the fact that it debuted at such a small market cap compared to the other IPOs which have market caps in the billions, as well as the fact that it raised so little from private investors. This gives the company a market cap of $671 million. The company saw its stock rise almost instantly, and currently sits at $22.99 as of Monday morning, a 44% increase. According to MarketWatch, Backblaze raised $100 million shares by selling 6.25 million shares at $16 apiece. The company will list its stock on the Nasdaq under the symbol 'BLZE', according to a filing.Lucky-photographer/iStock Editorial via Getty Imagesīackblaze (NASDAQ: NASDAQ: BLZE) launched its public IPO on Thursday, and the cloud company has had a strong start. Oppenheimer & Co, William Blair and Raymond James are the lead underwriters on Backblaze's offering. In the cloud storage space, it competes with the likes of Inc's Amazon Web Services, although Backblaze targets smaller companies.Īccording to a report by Research and Markets, the global market for cloud computing services is projected to reach a revised size of $937.5 billion by 2027, growing at a compound annual rate of 17% over the seven years since 2020. It has since expanded into cloud storage, with over half a million overall customers across more than 175 countries.

#CLOUD BACKBLAZE THURSDAY FRIDAY IPO SOFTWARE#

San Mateo, California-based Backblaze, led by co-founder Gleb Budman, started in 2007 selling backup software to consumers and companies. Reuters reported in November that Backblaze was seeking to hire investment banks for a 2021 IPO that could value it at around $1 billion. initial public offering (IPO) on Monday, cashing in on growing demand for cloud computing from businesses expanding their digital offerings during the COVID-19 pandemic. Cloud storage provider Backblaze Inc filed for a U.S.

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