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It is no secret that the cloud and storage efforts are growing. Now we have another storage solutions provider that has filed its paperwork for an initial public offering (IPO). Pure Storage has filed with the U.S. Securities and Exchange Commission (SEC).

No financial details were included over terms, but the filing is for up to $300 million in common stock. Pure Storage did not disclose which exchange it would list on but it did list its proposed ticker as PSTG. Another disclosure was that there would be two classes of stock, A and B shares.

The rights of the holders of Class A common stock and Class B common stock are identical, except for voting and conversion. Each Class A share has one vote, while each Class B share is entitled to 10 votes. Class B shares can also be converted into one share of Class A common stock.

There is also a massive underwriting group here: Morgan Stanley, Goldman Sachs, Barclays, Allen & Co., Bank of America Merrill Lynch, Pacific Crest Securities, Stifel, Raymond James and Evercore ISI.

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Pure Storage delivers data storage with an increase in performance and with lower complexity and lower costs. Revenue growth and financial disclosures were as follows:

• Revenue increased from $6.1 million for the fiscal year ended January 31, 2013, to $42.7 million for the fiscal year ended January 31, 2014, and to $174.5 million for the fiscal year ended January 31, 2015, representing year-over-year revenue growth of 603% and 308% for its two most recent fiscal years.
• Revenue increased from $24.6 million for the three months ended April 30, 2014, to $74.1 million for the three months ended April 30, 2015, representing period-over-period growth of 201% for its most recent interim period.
• Its net loss was $23.4 million, $78.6 million, $183.2 million, $30.0 million and $49.1 million for the fiscal years ended January 31, 2013, 2014 and 2015, and the three months ended April 30, 2014 and 2015, respectively.
• For the fiscal year ended January 31, 2015, and the three months ended April 30, 2015, 77% and 79% of revenue was from the United States and 23% and 21% from the rest of the world.

Also, just over 50% of the voting power in Class B shares is tied up with three venture capital firms: Greylock, Sutter Hill Ventures and Redpoint Ventures. The company said of itself:

Our innovative technology replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory. At the same time, our innovative business model replaces the traditional forklift upgrade cycle with an evergreen storage model of hardware and software upgrades and maintenance. Our next-generation storage platform and business model are the result of our team’s substantial experience in enterprise storage and web-scale infrastructure, as well as frustration with the industry’s status quo. This deep industry understanding led to the development of our three-part integrated platform: the Purity Operating Environment, our flash-optimized software, FlashArray, our modular and scalable all-flash array hardware, and Pure1, our cloud-based management and support. Our platform can deliver a 10X acceleration in business applications over legacy disk-based storage. It is also designed to be compatible with existing infrastructure, substantially more reliable and power and space efficient.

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