Pelion-Backed Cloudflare Eyes IPO
One of the portfolio companies of Salt Lake City-based venture investor Pelion Ventures is about to head to the public markets, and has hired an IPO banker as the first step in the progress. Cloudflare, which provides a service which helps web site and web application developers manage caching and access to their websites, protecting against cyberattacks, distributed denial of service (DDoS), and other issues encountered from the web, has hired Goldman Sachs as the lead banker on an IPO, according to reports. Those reports, from Reuters, say that the IPO will value Cloudflare at more than $3.5 billion. It's unclear how big of a stake Utah's Pelion currently has in Cloudflare, howevver, Pelion was one of Cloudflare's very early venture backers. Cloudflare now counts such investors as Fidelity, Google, Microsoft, Qualcomm, and Baidu, along with Union Square Ventures, Greenspring, New Enterprise Associates, Pelion Venture Partners, and Venrock, among others.
posted on Wednesday, October 24, 2018
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