Hyper-converged storage startup Nutanix, valued as high as $2bn in 2014, sets sights on an early-2016 public debut
Hyper-converged Storage firm Nutanix, founded in 2009, has filed for its anticipated IPO, lodging an S-1 with the US SEC to go public in early 2016.
The company builds servers and storage products for data centres, and was valued as high as $2 billion (£1.4bn) in August 2014. It’ll make its debut on the Nasdaq market as NTNX.
Growth and loss
But net loss has also increased, up to $126.1 million (£85m) from $44.7 million (£30m) in the same period.
Nutanix said in the S-1 paperwork that it has “a history of losses” and that it “may not be able to achieve or maintain profitability in the future”.
“The markets in which we compete are rapidly evolving, which make it difficult to forecast end-user adoption rates and demand for our solutions,” the company said.
Tuesday’s filing with the SEC shows that Nutanix wants to generate $200 million (£135m) from the IPO, but that will shift up when a share price is offered.
But Nutanix is hopeful of its growth strategy. It already has customers that include Nintendo, Toyota, Yahoo Japan, and NTT SmartConnect.
“Since inception, we have rapidly innovated from supporting limited applications and a single hypervisor to a full platform that is designed to support all virtualized workloads and multiple hypervisors. We intend to continue to invest in technologies such as virtualization, containers, cloud management, infrastructure analytics and networking to expand our market opportunity,” Nutanix said.
“We intend to grow our base of approximately 2,100 end-customers, which we believe represents a small portion of our potential end-customer base, by increasing our investment in sales and marketing, leveraging our network of channel partners and furthering our international expansion. One area of specific focus will be on expanding our position within the Global 2000, where we currently have 226 end-customers.”