Datto files confidentially for $1bn IPO

Backup service provider Datto has confidentially filed for an IPO that could value the company at more than $1bn, according to a Bloomberg report.

Datto offers its software via managed service providers to small and medium-sized businesses. Founded in 2007, the company raised $100m in VC funding and acquired Backupify in 2014 and Open Mesh in 2017.

Austin McChord

Vista Equity Partners, a private equity firm, then bought Datto in October 2017. Vista merged Datto with its Autotask business to create a unified managed service platform for IT management, data protection and business continuity.

Tim Weller succeeded founder Austin McChord as Datto CEO after McChord stepped down in October 2018. McChord has various board memberships and VC funding roles outside his Datto board membership.

Morgan Stanley, Bank of America, Barclays Plc and Credit Suisse Group AG have been hired as IPO underwriters, according to Bloomberg. IPO timing will be influenced by the Covid-19 pandemic effects on the US economy and may not take place.