PagerDuty files to go public in what should be a big year for tech IPOs
- PagerDuty had a $15.3 million net loss on sales of $31.2 million in the quarter that ended on Oct. 31.
- Competitors include Atlassian and Splunk, who entered the market through acquisition.
PagerDuty, whose software helps companies respond quickly when their websites go down, is preparing to hit the public markets.
The company filed its IPO prospectus on Friday, and plans to trade on the New York Stock Exchange under the symbol "PD."
By today's standards, PagerDuty is small for a software company at the time of IPO. The company generated $32.1 million in the quarter that ended Oct. 31, and had a net loss of $15.3 million. And for the year ended Jan. 31, 2018, sales rose 41 percent to $79.6 million.
PagerDuty has over 10,000 customer, including, Gap, GE, IBM and Netflix, according to its website. Competitors include Atlassian and Splunk, which have both acquired their way into the market. PagerDuty's software helps technical staff at companies spot problems and respond to incidents such as customer complaints.
Morgan Stanley and J.P. Morgan Chase are among the banks leading the deal. Investors include Accel, Andreessen Horowitz, Baseline Ventures and Bessemer Venture Partners. T. Rowe Price Group led a $90 million investment in PagerDuty in September at a $1.3 billion valuation.
The company was founded in 2009 and is based in San Francisco. Last year several technology companies started trading on the public markets, including Dropbox, DocuSign and Zuora. Lyft filed to go public earlier this month, and Uber, Airbnb, Pinterest and Slack are among other big names that investors could see debut this year.
The filing says PagerDuty is looking to raise as much as $100 million in the IPO.
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