Cloud storage provider Backblaze Inc. on Monday filed for a US Initial Public Offering (IPO) to capitalize on growing demand for cloud computing from businesses looking to expand their digital offerings during the COVID-19 pandemic.
Reuters reported in November that Backblaze was seeking to hire investment banks for a 2021 IPO, which could be valued at around $1 billion.
San Mateo, Calif.-based Backblaze, led by co-founder Gleb Budman, began selling backup software to consumers and companies in 2007. With a total of over half a million customers in more than 175 countries, it has expanded into cloud storage.
In the cloud storage space, it competes with the likes of Amazon.com Inc.’s Amazon Web Services, though Backblaze targets smaller companies.
According to a report Impact-of-Covid-19-on-the-market-ResearchAndMarkets.com by Research & Markets, the global market for cloud computing services is projected to reach a revised size of $937.5 billion by 2027, a compound growing in. Annual rate of 17% over seven years from 2020.
Oppenheimer & Company, William Blair and Raymond James are the principal underwriters on Backblaze’s offering.
According to a filing, the company will list its stock on Nasdaq under the symbol “BLZE”.
read all breaking news, breaking news And coronavirus news Here. follow us on Facebook, Twitter And Wire.