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Pivotal Software has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. No pricing details were given in the filing, although the offering is valued up to $100 million, but this is normally just a placeholder. The company has yet to decide on what exchange it will list or under what symbol.

The underwriters for the offering are Morgan Stanley, Goldman Sachs, Citigroup, Merrill Lynch, Barclays, Credit Suisse, RBC Capital Markets, UBS Investment Bank, Wells Fargo, KeyBank Capital Markets and William Blair.

This company provides a leading cloud-native platform that makes software development and IT operations a strategic advantage for its customers. Its cloud-native platform, Pivotal Cloud Foundry (PCF), accelerates and streamlines software development by reducing the complexity of building, deploying and operating new cloud-native applications and modernizing legacy applications.

Ultimately, this enables customers’ development and IT operations teams to spend more time writing code, waste less time on mundane tasks and focus on activities that drive business value — building and deploying great software. PCF customers can accelerate their adoption of a modern software development process and their business success using our platform through our complementary strategic services, Pivotal Labs.

Enterprises across industries have adopted this platform to build, deploy and operate software, including enterprises in the automotive, financial services, industrial, insurance, media, retail, technology and telecommunications industries.

The firm detailed some finances in the filing:

Since announcing PCF in November 2013, our subscription customer count has grown rapidly to 319 as of the end of fiscal 2018. Our subscription revenue was $95.0 million, $150.0 million and $259.0 million for fiscal 2016, fiscal 2017 and fiscal 2018, respectively, representing year-over-year growth of 58% and 73% for our two most recent fiscal years. Our total revenue was $280.9 million, $416.3 million and $509.4 million for fiscal 2016, fiscal 2017 and fiscal 2018, respectively, representing year-over-year growth of 48% and 22% for our two most recent fiscal years. Fiscal 2018 was the first year in which subscription revenue exceeded our services revenue, and we expect that over time subscription revenue will become a larger percentage of our total revenue as customers continue to adopt PCF and as our SI partner ecosystem ramps to directly deliver strategic services to our customers. Our net loss was $282.7 million, $232.9 million and $163.5 million for fiscal 2016, fiscal 2017 and fiscal 2018, respectively.

Pivotal intends to use the net proceeds for this offering for working capital and general corporate purposes.

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