I think people have been scared of it and so waited longer and longer. "It used to be that other companies went public at other sized scales. "I actually hope us showing this is possible for a mid-market company opens the path for more companies to do this," Budman said. Its B2 business, which competes with Amazon's S3 cloud storage offering, grew 61% in the second quarter. He said the fresh capital will help the company expand its sales team as it faces off against industry heavyweights. Backblaze currently stores two exabytes of data - that's 2 million terabytes - and has a half-million paying customers.īudman said the IPO presented a clear opportunity to open Backblaze's books to customers and prove that it's mature enough to be a long-term technology provider. Until about a decade ago, when the private markets started to balloon with new entrants, it was still common for tech companies to go public with valuations below $1 billion.īackblaze executives had other reasons to go public in a highly-competitive market that features the biggest cloud services in the world from Amazon, Microsoft and Google. Backblaze, by contrast, had raised less than $3 million from outside investors between its formation in 2007 and earlier this year, when it issued $10 million in convertible notes.īut when Amazon went public in 1997, the company was generating $16 million in quarterly revenue. Rivian raised $2.5 billion in a pre-IPO round in July. Those companies all routinely tapped venture investors for hefty amounts of capital on their way to the public exchanges. Coinbase is valued above $70 billion, Roblox is over $50 billion and Affirm topped $40 billion. At least 21 tech companies to debut in 2021 are worth over $10 billion. exchanges this year and, by the standards of its peers, Backblaze is a micro-cap. Over 100 technology companies have listed on U.S. Backblaze shares climbed 24% in their debut on Thursday and another 12% on Friday, lifting the price to $22.31 and giving the company a market cap of around $650 million. In the year that ended June 30, Backblaze's revenue totaled $59.9 million, with second quarter sales up about 17% to $16.2 million, according to the company's prospectus.īackblaze raised just $100 million in its offering, less than one-twentieth the amount raised this year by companies including GlobalFoundries, Robinhood and Bumble. These offerings are now rolled up in the universal service.In an era of blockbuster market debuts preceded by astronomical private financing rounds, Backblaze is a throwback to a time when sub-billion-dollar companies routinely went public to raise capital and build their profile in an effort to win the trust of customers. Raymond James Maintains Outperform on Backblaze. The art and science of stock market investing requires a tolerance for losing money on some of the shares you buy. This turnkey service expands upon earlier work by Backblaze to support subsidized cloud-to-cloud data migration as well as transfers via internet and its Backblaze Fireball rapid ingest device. Backblaze (NASDAQ:BLZE) shareholders have endured a 79 loss from investing in the stock a year ago. “Backblaze is delighted to now help all organizations optimize their infrastructure in B2 Cloud Storage by eliminating, without unnecessary costs or complexities, their biggest barrier to choosing a new provider.” “Vendor lock-in is the #1 challenge organizations face with existing storage solutions-Universal Data Migration is here to answer that challenge,” said Nilay Patel, VP of Sales and Partnerships at Backblaze. Simply put, businesses can free terabytes or even petabytes of data, and they will never receive an invoice for the migration.Ĭompanies with a wide range of IaaS, development, backup, and active media archive use cases can leverage the service to move data from: Backblaze covers data transfer and egress costs for qualified transfers, and facilitates the migration of businesses to a cloud platform that won’t limit how they use their data and frees their budget to pursue greater opportunities. (Nasdaq: BLZE), a leading independent storage cloud platform, announced Universal Data Migration-a free offering to help enterprises painlessly copy or migrate their data from practically any source into the company’s B2 Cloud Storage service.įor organizations seeking to break free from legacy vendor lock-in, Universal Data Migration supports truly free data mobility without complexity or downtime. SAN MATEO, Calif., Ap(GLOBE NEWSWIRE) - Backblaze, Inc. New Transfer Solution Establishes Easy Path From Any Source to B2 Cloud Storage
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