Pivotal Software — which counts Dell as its majority stockholder — revealed a prospectus on Friday with its plans to go public.
The company helps software developers streamline the process of modernizing apps for the cloud, helped by its relationships with both Dell and VMware, which is also majority-owned by Dell. Pivotal makes money from subscriptions and services.
- Net loss: $163.5 million in the latest fiscal year, narrower than the loss of $232.9 million in the prior year
- Revenue: $509.4 million in the latest fiscal year, up from $416.3 million in the year prior.
- Headcount: 2,518
Pivotal Software was spun out of EMC and VMware — which EMC partially owned — in 2012. The San Francisco-based company had cloud technology from VMware, big data capabilities provided by EMC and a $105 million investment from General Electric.
Since then, it has gotten backing by companies like Ford and Microsoft. Dell Technologies, EMC, and Michael Dell now own 80.8 percent of Pivotal today.
Morgan Stanley, Goldman Sachs and Citigroup are among the underwriters of the IPO. The prospectus comes on the opening day of Dropbox, another cloud technology IPO, which opened 40 percent higher on Friday morning.
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- CNBC's Leslie Picker contributed to this report.