Elastic preps for IPO: 5 things you didn’t know about Dutch software scaleup

The Netherlands as a country has this reputation of cultivating tech talents that are super innovative and these groundbreaking companies are now staging successful IPOs.

Recently, the payment scaleup Adyen went public with an initial price of €400 per share and now reports are in that another Dutch company Elastic one of the big names in the data search software has confidentially filed for an IPO on the Wall Street.

Reportedly, as per the sources close to the matter, the company is aiming for a valuation of 1.5 to 3 billion dollars. While the company refused to comment right now, reports are in that Elastic will likely hit the Wall Street around late summer or early fall.

While the company pulls things together to set up the stage for IPO listing, here today Silicon Canals has compiled a list of important things you should know about one of the hottest tech startup out of the Netherlands. Take a look at it below.

5 things to know about Elastic

 #1 Tech giants as clients

Elastic is used by thousands of organisations including Cisco, eBay, Goldman Sachs, NASA, Microsoft, Mayo Clinic, The New York Times, Wikipedia, and Verizon to power mission-critical systems. The company sells a flagship software, called Elasticsearch, that clients use to comb through and index huge data sets for analysis. Elastic is used for use cases that require search, logging, metrics, and security of data.

#2 $100 million funding

Backed by Benchmark Capital, Index Ventures, and NEA with more than $100 million in funding, Elastic has a distributed workforce with more than 800 employees in 30 countries.

#3 Around 225 million downloads

Founded in 2012, the company develops the open source Elastic Stack (Elasticsearch, Kibana, Beats, and Logstash), X-Pack (commercial features), and Elastic Cloud (a hosted offering). To date, there have been more than 225 million cumulative downloads.

#4 Smart business model

Their software is free and open to modify.  This business model has helped Elastic to quickly conquer a high market share and their software is continuously improved by the ‘community’. The Amsterdam-based startup has offices also in Palo Alto, Hong Kong, London and Berlin.

#5 Goldman Sachs and JP Morgan supervising IPO

Founded by Israeli-born Shay Banon, Elastic reportedly valued at $700 million in 2014 and the company is already enjoying unicorn status for some time now. Also, reports are swirling that Goldman Sachs and JP Morgan are supervising the initial public offering of the company.

Stay tuned to Silicon Canals for more updates in the tech startup world.