HashiCorp, which provides cloud infrastructure and data center management solution, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
HashiCorp states that its cloud operating model provides consistent workflows and a standardized approach to automating the critical processes involved in delivering applications in the cloud, including infrastructure provisioning, security, networking, and application deployment. Its products can be adopted individually and are also designed to work together as a stack. The company has built its products using an open-core software development model, and all of its products are developed as open-source projects. It sells proprietary, commercial software that builds on its open-source products with additional enterprise capabilities. HashiCorp's products are used by companies of all sizes and industries, and have been downloaded approximately 100 million times during the fiscal year ended January 31, 2021. As of July 31, 2021, the company had over 1,400 providers and integrations and more than 700 partners, including over 170 ISVs.
The San Francisco, CA-based company was founded in 2013 and booked $259 million in revenue for the 12 months ended July 31, 2021. It plans to list on the NYSE under the symbol HCP. HashiCorp filed confidentially on July 29, 2021. Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.
