![]() (This story corrects second paragraph to remove "early" before next year. market for IPOs has been on a tear in 2020, fueled by a buoyant stock market, with more than $65 billion sold in stock, up almost 40% from the total for all of 2019. NEW YORK (Reuters) - Backblaze Inc is seeking to hire investment banks for an initial public offering (IPO) in 2021 that could value the cloud storage and backup software provider at around 1. The San Mateo, CA-based company plans to raise 100 million by offering 6.3 million shares at a price range of 15 to 17. The global market for cloud storage services is expected to grow from $50.1 billion this year to $137.3 billion by 2025, according to market research firm MarketsandMarkets. NovemBackblaze, which provides cloud storage for consumers and SMBs, announced terms for its IPO on Tuesday. The IPO plan coincides with the COVID-19 pandemic driving more businesses to operate digitally and rely on cloud computing for more of their workflow. Library of Congress, according to a 2011 McKinsey study. In cloud storage, it competes with the likes of Inc's Amazon Web Services, although Backblaze targets smaller companies.īackblaze said earlier this year it now stores one exabyte of customer data, which is the equivalent of more than 4,000 times the information stored in the U.S. Finally, Lake Street is acting as the co-manager of the IPO. ![]() ![]() ![]() Backblaze, led by co-founder Gleb Budman, started in 2007 selling backup software to consumers and companies, and has since expanded into offering cloud storage services which is now the fastest-growing part of its business. ![]()
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