Cloud software vendor HashiCorp files for IPO

HashiCorp staff on the start-up’s HashiConf convention in San Francisco in October 2018.


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

The corporate will commerce on the New York Inventory Alternate below ticker image “HCP.”

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

HashiCorp presents cloud-based variations of open-source software program, corresponding to 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 ready to hit the general public market as traders 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 value over $30 billion.

HashiCorp was last valued within the non-public market at $5.1 billion in 2020. Its high traders 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. Rivals embrace IBM, VMware and cloud suppliers, Amazon, Microsoft and Google.

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

WATCH: ‘Bright horizon for these cloud stocks,’ Sanjay Poonen, former VMware COO, says

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