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After years of speculation, CommVault filed for an initial public offering (IPO) late Friday in hopes of raising $150 million to take on the big boys of storage software. (See CommVault Files for IPO.)
CommVault has long been considered the most likely storage startup to go public and has been a fixture atop the Byte and Switch Top Ten private companies list, but it took its time before filing its S-1 registration with the SEC, the first step in selling shares. (See CommVault 'Well Positioned' for IPO and CommVault: IPO or HP?)
Its S-1 filing disclosed that CommVault has been profitable for at least a year with a net income of around $480,000 for the fiscal year ended last March 31 and around $9 million for the ninth months that ended last Dec. 31. It generated revenue of around $81 million for the ninth months that ended Dec. 31 compared to $59 million for the same nine-month period in 2004.
CommVault counts 575 employees and more than 3,400 customers, including Ace Hardware, North Fork Bank, and Welch Foods.
"It's a good time for them to file," says Rhoda Phillips, IDC research manager for storage software. "They've made good progress, especially with the addition of their CDP. We hear a lot about them from customers, that they're easy to use and work with a lot of other products."
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