Venture capital-backed DataStax is reportedly preparing an initial public offering this year, that could value the data management platform at more than $1bn.
The company has enlisted the services of investment banks such as Morgan Stanley and JP Morgan Chase & Co as underwriters, people familiar with the matter told Reuters. The IPO plans may still not come to fruition, the people added.
DataStax has annual sales of around $150m and has secured almost $200m of total VC funding from backers such as Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, Comcast Ventures and Scale Venture Partners.
In 2013, Scale Ventures has led a $45m Series D financing round for the company, with participation from DFJ Growth and Next World Capital.
Datastax’s cloud-based platform is built on open-source distributed database management system, Apache Cassandra.
The Californian tech start-up counts consumer giants such as McDonalds, Delta Airlines and eBay among clients using its platform.
