Cloud software program vendor HashiCorp recordsdata for IPO

HashiCorp, whose software program helps builders handle cloud infrastructure, filed to go public on Thursday and mentioned income within the second quarter jumped 49%.

The corporate will commerce on the New York Inventory Change beneath ticker image “HCP.”

HashiCorp is predicated in San Francisco however calls itself a “remote-first firm with a world distributed workforce” for its 1,500 staff. The corporate was based in 2012 and is known as after co-founder Mitchell Hashimoto.

HashiCorp gives cloud-based variations of open-source software program, resembling Terraform for establishing infrastructure and Vault for managing passwords. Income within the interval ended July 31 climbed to $75.1 million from $50.5 million a yr earlier, with 98% coming of gross sales coming from subscriptions.

The corporate is about to hit the general public market as buyers are paying sky-high costs for fast-growing software program companies. GitLab, a fully-remote supplier of developer collaboration instruments, went public final month and has a market cap of about $16 billion on simply $58.1 million on income in the newest quarter. Toast, which gives {hardware}, software program and funds merchandise to eating places, debuted in September and is price over $30 billion.

HashiCorp was final valued within the non-public market at $5.1 billion in 2020. Its high buyers are enterprise corporations Mayfield and GGV Capital.

The corporate had about 2,100 prospects on the finish of July, together with Fox, Basic Motors, Microsoft’s GitHub subsidiary and Stripe. Opponents embody IBM, VMware and cloud suppliers, Amazon, Microsoft and Google.

Lead underwriters on the IPO embody Morgan Stanley, Goldman Sachs and JPMorgan.

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