- Machine data analytics company Sumo Logic is planning to raise over $310 million in a U.S. initial public offering (IPO). These are the details.
Machine data analytics company Sumo Logic is planning to raise over $310 million in a U.S. initial public offering (IPO) — which could potentially value the company at more than $2 billion, according to Reuters. Sumo Logic is planning to sell 14.8 million shares at a price range of $17 to $21 per share.
Based in Redwood City, California, Sumo Logic was founded by former ArcSight executives Kumar Saurabh and Christian Beedgen. Some of the services offered by Sumo Logic include log management, AWS monitoring, Azure management, cloud monitoring, GCP management, Kubernetes management, microservices monitoring, cloud SIEM enterprise, cloud security monitoring, and business intelligence.
The company had posted a loss of $92.1 million compared to a loss of $47.8 million a year earlier. However, revenue increased by around 50% during the same period.
Following the offering, entities affiliated with Greylock will own 19% of the company.
And Morgan Stanley, J.P. Morgan, RBC Capital Markets, and Jefferies LLC are the lead underwriters to the firm’s offering.