Cloud storage provider Backblaze Inc filed for a U.S. initial public offering (IPO) on Monday, cashing in on growing demand for cloud computing from businesses expanding their digital offerings during the COVID-19 pandemic.
Reuters reported in November that Backblaze was seeking to hire investment banks for a 2021 IPO that could value it at around $1 billion.
San Mateo, California-based Backblaze, led by co-founder Gleb Budman, started in 2007 selling backup software to consumers and companies. It has since expanded into cloud storage, with over half a million overall customers across more than 175 countries.
In the cloud storage space, it competes with the likes of Amazon.com Inc’s Amazon Web Services, although Backblaze targets smaller companies.
According to a report Impact-of-COVID-19-on-the-Market—ResearchAndMarkets.com by Research and Markets, the global market for cloud computing services is projected to reach a revised size of $937.5 billion by 2027, growing at a compound annual rate of 17% over the seven years since 2020.
Oppenheimer & Co, William Blair and Raymond James are the lead underwriters on Backblaze’s offering.
The company will list its stock on the Nasdaq under the symbol “BLZE”, according to a filing.
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