Cloudera Said to Tap Morgan Stanley, JPMorgan, BofA for IPO

  • Big-data company said to have filed paperwork with U.S. SEC
  • Cloudera backed by Intel Corp., Google Inc.’s venture arm

Cloudera CEO Tom Reilly

Photographer: Matthew Busch/Bloomberg

Cloudera Inc., the big-data company backed by Intel Corp., is working with Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp. on its initial public offering, people with knowledge of the matter said.

The company, based in Palo Alto, California, has filed paperwork for an IPO confidentially with the U.S. Securities and Exchange Commission, said one of the people, who asked not to be identified because the information is private.

Cloudera is planning to go public this year and is eyeing a valuation of about $4.1 billion, said the people, in line with what it fetched in its last private funding round three years ago.

Allen & Co., Citigroup Inc. and Barclays Plc are also working on the deal, one of the people said.

A representative for Cloudera declined to comment. Spokesmen for Morgan Stanley, JPMorgan, Barclays, Bank of America and Citi declined to comment, while a representative of Allen & Co. didn’t respond to a request for comment.

After a slow start to the year for initial offerings, Snap Inc., the maker of disappearing-photo app Snapchat, raised $3.9 billion this month, including an overallotment to underwriters.

The company priced the shares above the marketed range, and the stock surged 44 percent in its debut. Though the shares have trimmed those gains, they’re still up 34 percent since the offering, a positive outcome for the first technology IPO of 2017.

MuleSoft, Alteryx

MuleSoft Inc., an enterprise software company based in San Francisco, is seeking to raise as much as $209 million in an IPO scheduled to price March 16, according to data compiled by Bloomberg. Data-analytics company Alteryx Inc. filed its initial prospectus last month with a placeholder amount of $75 million.

For more on potential software IPOs, click here.

Cloudera creates tools and provides services that center on the open-source data analysis software, Hadoop. Its technology helps wrangle mass amounts of data, analyze it and use it to make decisions in real time. The company competes with the likes of Hortonworks Inc. and MapR Technologies Inc.

It has raised upward of $1 billion in private funding, including a $900 million round in March 2014. That injection included $740 million from Intel, as well as $160 million from investors T. Rowe Price Group Inc., Google Inc.’s venture arm and Michael Dell’s investment firm, MSD Capital LP.

Companies with revenue of less than $1 billion are able to file IPO documents confidentially under the Jumpstart Our Business Startups Act. It allows them to work out details with the SEC away from the public eye.

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