Pluralsight, the education technology company based in Utah, has revealed its IPO filing.
Given the timing of the unveiling, the company is probably aiming for a public start in May.
His main activity is online software development courses, helping people to improve their skills in categories such as computer, data and security. Small and large companies pay Pluralsight to train their employees. It also has offers for individual subscribers.
In the filing, the company recognizes that it is a competitive landscape, and names Cornerstone OnDemand, Udacity, Udemy, LinkedIn Learning as others in a comparable market. He also mentions the General Assembly, recently acquired by Adecco for $ 413 million.
This is the first glimpse we get at Pluralsight's finances. In 2017, the Company generated revenues of $ 166.8 million, up from $ 131.8 million in 2016 and $ 108.4 million in 2015.
The losses increase, however. This is partly due to a considerable increase in sales and marketing expenses. For 2017, the company lost $ 96.5 million. This amount is up from $ 20.6 million in 2016 and $ 26.4 million in 2015.
Pluralsight has been in existence since 2004. Like many startups outside the San Francisco Bay area, the company has started operations and has not leveraged significant external financing until 2013. Pluralsight has already $ 200 million in funding.
The largest shareholder is Insight Venture Partners, which owned 46.1% of the shares before the IPO, an unusually high percentage. Aaron Skonnard, co-founder and CEO, held 13.4% and the ICONIQ investment group held 8.1%.
Morgan Stanley and JP Morgan served as principal underwriters. Wilson Sonsini and Goodwin Procter served as a lawyer.
Pluralsight plans to be listed on the Nasdaq, under the symbol "PS".
A provision of the Jobs Act of 2012 helped ensure that companies could file confidential documents and then disclose financial information and other commercial information a few weeks before they made their public debut . This helps companies avoid too much scrutiny in the months preceding an IPO. There is also a period of calm right now, which means that companies are limited in what they can say publicly about their businesses.
Like most technology companies, Pluralsight chose to take advantage of this confidential provision. But he also announced that he has tabled something that companies do not usually do. Most choose to remain silent on the IPO plans until they make public filings, unless the reporters first make the news.
It was no surprise to those who followed Utah's technological scene that Pluralsight is planning to go public this year. The unicorn, financed by venture capital, has been a terminal business for several years, with a valuation of $ 1 billion in 2014.
After a slow start of a few months, there has been a wave of tech IPO activity in recent weeks. Dropbox, Spotify and Zuora have recently made their debut. Pivotal, Smartsheet and Carbon Black are some of the companies that should be on the list in the coming weeks.