The $2.8 billion startup that teaches programmers how to be more like Google just filed for an IPO
@Pivotal, last valued at $2.8 billion, has filed to go public. @Dell, the largest shareholder in Pivotal, is set to retain a controlling stake after the initial public offering. The numbers show that while Pivotal is not profitable, losses are narrowing and revenue is up 22% year over year. Pivotal began life as a small software consultancy that worked with companies like @Google and @Twitter in their earliest days. @EMC bought Pivotal in 2012 and then spun it back out in 2013. Pivotal, the $2.8 billion software company that began as a spinoff of EMC and @VMware, on Friday filed to go public, adding to a growing list of tech companies seeking to make a Wall Street debut this year. Pivotal, which sells #cloudcomputing services to large corporations and offers consulting services, generated about $500 million in revenue last year but has lost money every year since it was formed, according to its S-1 filing with the Securities and Exchange Commission. While Pivotal did not specify how many shares it planned to sell, it said Dell would continue to have a controlling stake after the initial public offering. “Dell Technologies can effectively control and direct our board of directors,” Pivotal said in the risk statements included in its prospectus. It also noted that it had no agreements with Dell that would prevent the two companies from competing in some businesses.
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