ServiceNow, which provides on-demand software to automate enterprise IT operations, filed on Friday with the SEC to raise up to $150 million in an initial public offering. Sales increased 93% to $73 million for the six months ended 12/31/2011, as the customer base grew 62% to 974.
Venture capital firms JMI Equity and Sequoia Capital together own 75% of shares prior to the offering. Frederic Luddy, who founded the company in 2004 and served as CEO until May 2011, owns 14% of shares. Morgan Stanley, Citi and Deutsche Bank Securities are the joint bookrunners on the deal. The San Diego, CA-based company plans to list on the NYSE under the symbol NOW.
