BACKBLAZE, INC. (BLZE) Announces November 11th IPO

BACKBLAZE, INC. (BLZE) expects to raise $101 million in an initial public offering (IPO) on Thursday, November 11th, IPO Scoop reports. The company will issue 6,300,000 shares at a price of $15.00-$17.00 per share.

In the last twelve months, BACKBLAZE, INC. generated $59.9 million in revenue and had a net loss of $11.4 million. The company has a market cap of $456.8 million.

Oppenheimer & Co., William Blair and Raymond James served as the underwriters for the IPO and JMP Securities, Lake Street and B. Riley Securities were co-managers.

BACKBLAZE, INC. provided the following description of their company for its IPO: “We are a leading storage cloud platform, providing businesses and consumers cloud services to store, use, and protect their data in an easy and affordable manner. We provide these cloud services through a purpose-built, web-scale software infrastructure built on commodity hardware. From genome sequencing to mapping the world, from saving lives to playing online games, from interacting with a business to running one, data is central to modern existence. By substantially reducing the complexity and frustration of storing, using, and protecting data, we empower customers to focus on their core business operations. Through our blog and culture of transparency, we have built a devoted community of millions of readers and brand advocates. Referrals from our community of brand advocates, combined with our highly efficient and primarily self-serve customer acquisition model and an ecosystem of thousands of partners, have allowed us to attract over 480,000 customers. These customers use the Backblaze Storage Cloud platform across more than 175 countries to grow and protect their business data on our approximately 2 exabytes, or 2 trillion megabytes, of data storage under management. As businesses and consumers shift to the cloud, we believe our cloud services will increasingly become a foundational element of their overall technology stack. At its founding, Backblaze set out to simplify the process of storing, using, and protecting data. Over the following years,  we focused relentlessly on cutting away the complexity common among diversified cloud vendors’ services and legacy on-premises system vendors. Today, our solutions are differentiated by their ease of use and affordability. “.

BACKBLAZE, INC. was founded in 2007 and has 228 employees. The company is located at 500 Ben Franklin Ct San Mateo, CA 94401 and can be reached via phone at (650) 352-3738 or on the web at http://www.backblaze.com/.

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