Cohesity talking IPO at $3.7 billion valuation – report

Data protector and manager Cohesity is talking about an IPO.

Mohit Aron

The firm’s CEO, Mohit Aron, told newswire Bloomberg there will be a $145 million tender offer for employees shares. He said Cohesity, backed by a Softbank fund, is valued at $3.7 billion.

That valuation and the tender offer were revealed back in March,and, according to the newswire, the tender offer is being led by Steadfast Capital Ventures, with participation from existing investors, including SoftBank Vision Fund, DFJ Growth, Foundation Capital and Wing Venture Capital.

Bloomberg interviewed Aron, who claimed Cohesity’s annual revenues were in the hundreds of millions of dollars area – $300 million was mentioned in September – and it is nearing break-even on a cash flow basis. The CEO, who is also a co-founder, also said an IPO was quite near. That is Bloomberg’s big point.

In September, CFO Robert O’Donovan said of Cohesity’s fourth fiscal 2020 results: “In Q4, we had our biggest day, week, month, and quarter, all resulting in our biggest year. From rapidly increasing ARR, to an outstanding net expansion rate, to strong customer growth — including impressive gains in the Fortune 500, the company is firing on all cylinders and breaking records at every turn.”

That sound like a good basis for an IPO.

Cohesity, founded in 2013, has raised a total of $660 million with the latest raise being an E-round for $250 million last year. Earlier this month we predicted Cohesity would file for an IPO. It looks like that prediction is coming true.