Dutch data search software firm Elastic sets sights on Wall Street IPO

Photo: Depositphotos.com


Photo: Depositphotos.com

Elastic, which develops data search software to scan massive documents, data sets and visualisations, plans a Wall Street IPO which is expected to value the Amsterdam firm at between €1.5bn and €3bn, according to leading US technology website Recode.

The IPO, lead managed by Goldman Sachs and JP Morgan Chase, is expected to take place in late summer or early autumn.

After payments systems processor Adyen, Elastic is the second Dutch technology firm to be brought to the bourse in a short time. Adyen was listed in Amsterdam, but Elastic has opted for New York probably because its competition is American.

Elastic has raised relatively little money — only about $100m total — and it hasn’t accepted new capital since 2014, when it was valued at only $700m, Recode said.

Founded by Israeli-born Shay Banon, the company is backed by Dutch serial entepreneur Steven Schuurman.

In 2015, Dutch technology website Sprout described Elastic as ‘the Netherlands least known €1bn startup’.

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