Cloud storage provider Backblaze files for U.S. IPO

·1-min read

(Reuters) - Cloud storage provider Backblaze Inc filed for a U.S. initial public offering (IPO) on Monday, cashing in on growing demand for cloud computing from businesses expanding their digital offerings during the COVID-19 pandemic.

Reuters reported in November that Backblaze was seeking to hire investment banks for a 2021 IPO that could value it at around $1 billion.

San Mateo, California-based Backblaze, led by co-founder Gleb Budman, started in 2007 selling backup software to consumers and companies. It has since expanded into cloud storage, with over half a million overall customers across more than 175 countries.

In the cloud storage space, it competes with the likes of Inc's Amazon Web Services, although Backblaze targets smaller companies.

According to a report by Research and Markets, the global market for cloud computing services is projected to reach a revised size of $937.5 billion by 2027, growing at a compound annual rate of 17% over the seven years since 2020.

Oppenheimer & Co, William Blair and Raymond James are the lead underwriters on Backblaze's offering.

The company will list its stock on the Nasdaq under the symbol "BLZE", according to a filing.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Devika Syamnath)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting