Big Data

Data storage company Nimble Storage files for $150M IPO

Nimble Storage logo
Image Credit: Eric Blattberg (logo via Nimble, background via Shutterstock)
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Nimble Storage filed with the Securities and Exchange Commission Friday to raise up to $150 million in an initial public offering.

Goldman Sachs and Morgan Stanley are the major underwriters in the IPO, the company told the SEC. Nimble intends to go by symbol “NMBL” on the New York Stock Exchange. The filing did not reveal the expected price of the shares or how many shares the company plans to sell.

Nimble’s net loss increased to $27.9 million in 2013 (for the year ending Jan. 31), from $16.8 million the prior year. Total revenues jumped to $53.8 million in 2013, from $14 million in 2012.

Nimble closed an over-subscribed, $40.7 million funding round in Sept. 2012 led by Accel Partners and Sequoia Capital, with participation from Lightspeed Venture Partners, Artis Capital, and GCV Capital. That round brought Nimble’s total funding raised to $98 million.

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Founded in 2008, Nimble manufactures flash-optimized hybrid storage solutions for enterprises. The company targets data storage managers who want to combine their flash and capacity storage devices into one, speeding up the amount of time it takes to back up data.

The San Jose, Calif.-based company counts organizations like eBay, Cisco, and Northrim Bank as customers, but it faces stiff competition from EMC, NetApp, and Dell-owned EqualLogic.

Nimble intends to use the net proceeds from the IPO for “working capital and other general corporate purposes,” according to the filing.

More to come on this breaking story.

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