Cloud Storage Provider Backblaze Files for US IPO, Telecom News, ET Telecom

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Cloud storage provider Backblaze Inc filed an initial public offering (IPO) in the United States on Monday, benefiting from growing demand for cloud computing from companies expanding their digital offerings during the COVID-19 pandemic.

Reuters reported in November that Backblaze was looking to hire investment banks for an IPO in 2021 that could value it at around $ 1 billion.

Backblaze, based in San Mateo, Calif., Led by co-founder Gleb Budman, began in 2007 selling backup software to consumers and businesses. It has since expanded into cloud storage, with more than half a million customers in more than 175 countries.

In cloud storage space, it competes with Amazon.com Inc’s Amazon web services, although Backblaze targets small businesses.

According to a Research and Markets report, the global cloud computing services market is expected to reach a revised size of $ 937.5 billion by 2027, with compound annual growth of 17% in the seven years since 2020.

Oppenheimer & Co, William Blair and Raymond James are the main underwriters of the Backblaze offering.

The company will list its shares on Nasdaq under the symbol “BLZE”, according to a filing.


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