Sumo Logic has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. The company expects to price its 14.8 million shares in the range of $17 to $21, with an overallotment option for an additional 2.22 million shares. At the maximum price, the entire offering is valued up to $357.42 million. The company intends to list its shares on the Nasdaq under the symbol SUMO.
The underwriters for the offering are Morgan Stanley, JPMorgan, RBC Capital Markets, Jefferies, William Blair, Cowen, Piper Sandler and BTIG.
This company is the pioneer of continuous intelligence, a new category of software that enables organizations of all sizes to address the challenges and opportunities presented by digital transformation, modern applications and cloud computing. Its continuous intelligence platform enables organizations to automate the collection, ingestion and analysis of application, infrastructure, security and Internet of Things data to derive actionable insights within seconds.
Continuous intelligence leverages artificial intelligence and machine learning capabilities, and it is provided as a multitenant cloud service that allows organizations to more rapidly deliver reliable applications and digital services, protect against modern security threats and consistently optimize their business processes in real time.
The platform scans an average of 873 petabytes of data per day and an average of 18.6 billion events per second. It integrates and analyzes structured, semi-structured and unstructured machine data, both historically and in real time, to provide actionable intelligence around what happened, why it happened and how to resolve business, technology or cybersecurity issues.
For fiscal 2018, 2019 and 2020, revenue was $67.8 million, $103.6 million and $155.1 million, respectively. For the same periods, the company generated net losses of $32.4 million, $47.8 million and $92.1 million.
The company intends to use the net proceeds from the offering for general corporate purposes, including working capital, operating expenses and capital expenditures.