Highly valued tech startups are going public at a pace not seen in years, and New York-based database firm MongoDB is one of them. Reportedly valued at $1.6 billion, is the company ready to face stiff competition versus giants like Oracle, Microsoft, and Amazon? Know more on Business Insider:
MongoDB, a New York-based database startup reportedly valued at $1.6 billion, officially filed for its IPO on Thursday afternoon.
In August, TechCrunch reported that MongoDB had confidentially filed the paperwork to go public, taking advantage of new SEC rules. The fact that this paperwork appeared publicly on the Securities Exchange Commission’s system appears to confirm that earlier report.
You can read the full filing here. The company plans to trade on NASDAQ under the symbol “MDB.”
MongoDB isn’t profitable: The company reported a $45.76 million loss on $67.9 million in revenue in the six months ending on July 31. It did $45.1 million in revenue over the same period in 2016, showing positive growth.
And MongoDB reports that those losses are narrowing. MongoDB says that it lost $1.71/share over those same six months, versus $1.93/share in the same period of 2016.
MongoDB also notes that it faces stiff competition from the likes of Oracle, Microsoft, and Amazon: While its flagship Atlas database runs on cloud computing platforms like Amazon Web Services and Microsoft Azure, those same platforms also offer their own database services.
Earlier this year, MongoDB CEO Dev Ittycheria told Crain’s New York that Oracle is the company’s biggest target.
“We believe Oracle is incredibly vulnerable because they’ve lost the developer’s heart and soul,” said Ittycheria.
When MongoDB does go public, it will be the seventh so-called “unicorn” startup to do so in 2017.