SecureWorks IPO Terms Set: 9m Shares at $15.50 – $17.50 / Share

SecureWorks filed an amended registration with the SEC for its IPO this morning.  The company plans to sell 9mn shares and sees an offering price of $15.50 – $17.50 per share.  SecureWorks will list on the Nasdaq under the ticker symbol “SCWX.”

Triton Research published a comprehensive Dossier on Atlassian Corporation on January 7, 2016.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, questions for management, management biographies, a historical valuation assessment, and more.

Triton Company Score (avg. 6.58): Contact Triton Research for more details.

Company Description: Sells managed security services that help enterprises and other organizations outsource IT security and lower their need to acquire personnel, software, and hardware and is sold on a subscription-basis.  The Company also sells one-time consulting services and security incident response services on an ad hoc basis.

Competitive Set: IBM, AT&T, Verizon, Optiv, Paladion Networks, The Herjavec Grou

Honest Co. Exploring Sale

Honest Co., the baby-products online retailer co-founded by actress Jessica Alba, is reportedly exploring a sale.  The company previously hired Morgan Stanley and Goldman Sachs to work on an IPO.  Investors in the company include Fidelity, Wellington Management, Lightspeed Venture Partners, General Catalyst Partners, and Institutional Venture Partners.
 
Honest Co. is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Spotify Raising $1bn Round

Spotify, the music streaming service, is reportedly raising $1bn in a debt financing round from TPG, Dragoneer and Goldman Sachs.  Spotify last raised $526m at a $8.53bn valuation in June of 2015. Investors in the company include Accel, Discovery Capital, Founders Fund, GSV Capital and TCV.

Spotify is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 101 companies organized by investment theme.

Dropbox Shares Being Sold at a 34% Discount

Dropbox, the cloud storage company, has reportedly authorized a sale of its shares at a 34% discount to its most recent fundraising round.  Shareholders are set to sell the shares on the secondary market at $12.60 each, down from the $19.10 price tag just two years ago.  Dropbox last raised $250m at a $10bn valuation in January of 2014.  Investors in the company include Sequoia Capital, Accel Partners, Goldman Sachs, Benchmark Capital, Greylock Partners, RIT Capital Partners and Valiant Capital Partners.

Dropbox is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 101 companies organized by investment theme.

Acacia Communications Dossier Published

Triton Research published a comprehensive Dossier on Acacia Communications on March 16, 2016.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, questions for management, management biographies, a historical valuation assessment, and more.

Acacia Communications filed an S-1 for a $125m IPO on December 23, 2015.  The company named Goldman Sachs, Bank of America and Deutsche Bank as joint bookrunners.  Acacia Communications will list on the Nasdaq under the ticker symbol “ACIA.”

Company Description: Acacia Communications designs and sells high-speed, coherent transceivers and related components to network equipment manufacturers on a per module basis.  The transceivers and components are used in fiber optic routers and switches by telecommunications and cloud service providers.

Triton Company Score (avg. 6.58): Contact Triton Research for more details.

Competitive Set: Finisar, Oclaro, Lumentum, ClariPhy, Coriant, InnoLight

WeWork Raising $780m Round

WeWork, the New York-based provider of shared office space, is reportedly raising $780m in a debt financing round valuing the company at $17bn.  WeWork previously raised $969m in funding at a $10bn valuation.  Investors in the company include Benchmark Capital, Harvard Management, Fidelity Investments, Goldman Sachs, T. Rowe Price, J.P. Morgan and Wellington Management.

WeWork is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 101 companies organized by investment theme.

Nutanix Holding Off IPO Pending Market Conditions

Nutanix, the network virtualization hardware company, is reportedly putting its IPO on hold until markets stabilize.

Triton Research published a comprehensive Dossier on Nutanix on January 11, 2016.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, questions for management, management biographies, a historical valuation assessment, and more.

Nutanix filed an S-1 for a $200m IPO on December 22, 2015.  The company named Goldman Sachs, Morgan Stanley, J.P. Morgan and Credit Suisse as joint bookrunners.  Nutanix will list on the Nasdaq under the ticker symbol “NTNX.”

Company Description: Develops and sells turnkey data center appliances and software that virtualizes both computational and storage capabilities removing the need for a centralized SAN or NAS system (cloud computing in a box). The product is sold along with related maintenance services to enterprises largely through third-party channels.

Tanium Names New CEO

Tanium, a cybersecurity software company, has appointed co-founder Orion Hindawi as its new CEO.  Mr. Hindawi was promoted from his position as CTO and takes over for his father, David Hindawi, who co-founded the company in 2007.  Tanium raised $120m last September at a $3.5bn valuation, bringing its total funding to $302m.  Investors in the company include Andreesen Horowitz, Franklin Templeton Investments, T. Rowe Price, IVP and TPG.
 
Tanium is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Twilio Expected to IPO Soon

Twilio, the cloud communications company that allows developers to add text, voice, picture and video to apps and other services is reportedly planning to go public soon.  The company filed confidentially last year and is working with Goldman Sachs and J.P. Morgan.  Twilio raised $130m last July at a $1bn valuation, bringing its total funding to $234m.  Investors in the company include Fidelity, T. Rowe Price, Redpoint Ventures, Bessemer Venture Partners and Founders Fund.
 
Twilio is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Honest Co. Exploring IPO

Honest Co., the baby-products online retailer co-founded by actress Jessica Alba, is reportedly working with Goldman Sachs and Morgan Stanley on an initial public offering.  The company raised $100m last August at a $1.7bn valuation. Investors in the company include Fidelity, Wellington Management, Lightspeed Venture Partners, General Catalyst Partners, and Institutional Venture Partners.
 
Honest Co. is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Jasper Technologies Acquired by Cisco for $1.4bn

Jasper Technologies, a software company that helps manage wireless connections for Internet-connected equipment, was acquired by Cisco for $1.4bn yesterday.  Jasper, which has been on Triton’s IPO Watchlist since November 2014, was reportedly planning an IPO but decided to sell instead.  Investors in the company include AllianceBernstein, Benchmark, Sequoia Capital, and Temasek Holdings.  The $1.4bn sale price is approximately the price of Jasper’s latest private valuation.
 
Jasper Technologies is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Nutanix Dossier Published

Triton Research published a comprehensive Dossier on Nutanix on January 11, 2016.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, questions for management, management biographies, a historical valuation assessment, and more.

Nutanix filed an S-1 for a $200m IPO on December 22, 2015.  The company named Goldman Sachs, Morgan Stanley, J.P. Morgan and Credit Suisse as joint bookrunners.  Nutanix will list on the Nasdaq under the ticker symbol “NTNX.”

Company Description: Develops and sells turnkey data center appliances and software that virtualizes both computational and storage capabilities removing the need for a centralized SAN or NAS system (cloud computing in a box). The product is sold along with related maintenance services to enterprises largely through third-party channels.

Triton Company Score (avg. 6.58): Contact Triton Research for more details.

Competitive Set: VMware, HP Enterprise, SimpliVity, Pivot3, Atlantis Computing

SecureWorks Dossier Published

Triton Research published a comprehensive Dossier on SecureWorks on January 7, 2016.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, questions for management, management biographies, a historical valuation assessment, and more.

SecureWorks filed an S-1 for a $100m IPO on December 17, 2015.  The company named Bank of America, Goldman Sachs and J.P. Morgan as joint bookrunners.  SecureWorks will list on the Nasdaq under the ticker symbol “SCWX.”

Company Description: Sells managed security services to enterprises and other organizations on a subscription-basis that help customers outsource IT security and lower their need to acquire personnel, software, and hardware. The Company also sells one-time consulting services and security incident response services on an ad hoc basis..

Triton Company Score (avg. 6.58): Contact Triton Research for more details.

Competitive Set: IBM, AT&T, Verizon, Optiv, Paladion Networks, The Herjavec Group

Lyft Received $500m Investment from GM

Lyft, a U.S.-based ridesharing app, announced that it has received a $500m investment from GM.  The investment is part of a wider-ranging strategic partnership that will include a rental program for drivers of the car-sharing service and the creation of an on-demand autonomous car network.  The partnership also marks Lyft’s boldest declaration yet that it intends to operate with self-driving cars in the future.
 
GM’s investment is part of a larger funding round of $1bn for Lyft, which reportedly values Lyft at $5.5bn.  The round already includes $100m from Saudi Arabia’s Kingdom Holding Company, Janus Capital Management, Rakuten, Didi Kuaidi and Alibaba.  Lyft has now raised $2bn since it was founded in 2013.

Lyft is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 102 companies organized by investment theme.

SecureWorks Filed for a $100m IPO

SecureWorks Corp, a subsidiary of Dell Inc. that provides information security services, filed an S-1 with the SEC for a $100m IPO today.  The company named Bank of America, Morgan Stanley, Goldman Sachs and J.P. Morgan as joint bookrunners.  SecureWorks will list on the Nasdaq under the ticker symbol “SCWX.”

Company Description: Provides information security services focused on cyber attacks.

Competitive Set: FireEye, Palo Alto Networks, Symantec, Cisco, IBM, Hewlett Packard

Atlassian IPO Offering Now 22m Shares at $19 – $20/Share

Atlassian Corporation filed an F-1/A with the SEC today revising their IPO offering.  The company will now sell 22m shares at an offering price of $19.00 – $20.00 per share.  Atlassian previously planned to sell 20m shares at $16.50 – $18.50 per share.  Atlassian will list on the Nasdaq under the ticker symbol “TEAM.”

Triton Research published a comprehensive Dossier on Atlassian Corporation on November 20, 2015 and updated that Dossier on November 30. 2015.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, questions for management, management biographies, a historical valuation assessment, and more

Atlassian IPO Dossier Updated: Triton Score Unchanged

Triton Research revised our Atlassian Company Score to reflect the company’s amended registration with the SEC on November 27, 2015.  The company plans to sell 20m shares and sees an offering price of $16.50 – $18.50 per share.  Atlassian will list on the Nasdaq under the ticker symbol “TEAM.”

Triton Research originally published a comprehensive Dossier on Atlassian Corporation on November 20, 2015.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, questions for management, management biographies, a historical valuation assessment, and more.

Atlassian IPO Terms Set: 20m Shares at $16.50 – $18.50 Per Share

Atlassian Corporation filed an amended registration with the SEC for its IPO on November 27, 2015.  The company plans to sell 20m shares and sees an offering price of $16.50 – $18.50 per share.  Atlassian will list on the Nasdaq under the ticker symbol “TEAM.”

Triton Research published a comprehensive Dossier on Atlassian Corporation on November 20, 2015.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, questions for management, management biographies, a historical valuation assessment, and more.

Atlassian Dossier Published

Triton Research published a comprehensive Dossier on Atlassian Corporation on November 20, 2015.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, questions for management, management biographies, a historical valuation assessment, and more.

Atlassian Corporation filed an S-1 for a $250m IPO on November 9, 2015.  The company named Goldman Sachs and Morgan Stanley as lead bookrunners.  Atlassian will list on the Nasdaq under the ticker symbol “TEAM.”

Company Description: Develops and sells software development and collaboration tools on a subscription and perpetual license basis along with related support and training services. The Company also runs a marketplace for 3rd-party vendors to sell extensions for the Company’s software.

Yirendai Filed for a $100m IPO

Yirendai Ltd., a Chinese marketplace for peer-to-peer personal loans spun out of CreditEase, filed an F-1 with the SEC for a $100m IPO.  The company named Morgan Stanley, Credit Suisse and China Renaissance as joint bookrunners.  Yirendai will list on the NYSE under the ticker symbol “YRD.”

Company Description: Online peer-to-peer lending marketplace that matches investors with individual borrowers.

Competitive Set: Lending Club, OnDeck, Prosper, SoFi, Zopa.

Match Group IPO Dossier Updated: Triton Score Revised LOWER

Triton Research revised our Match Group Company Score LOWER to reflect Match’s amended registration with the SEC yesterday.  Match Group plans to sell 33.3m shares and sees an offering price of $12 – $14 per share.  Match will list on the Nasdaq under the ticker symbol “MTCH.”

Triton Research originally published a comprehensive Dossier on Match Group on October 30, 2015.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

Match Group IPO Terms Set: 33.3m Shares at $12 – $14 Per Share

Match Group filed an amended registration with the SEC for its IPO this morning.  The company plans to sell 33.3m shares and sees an offering price of $12 – $14 per share.  Match will list on the Nasdaq under the ticker symbol “MTCH.”

Triton Research published a comprehensive Dossier on Match Group on October 30, 2015, which is being updated to reflect today’s offering details.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

Atlassian Filed for a $250m IPO

Atlassian Corporation filed an S-1 for a $250m IPO this morning.  The company named Goldman Sachs and Morgan Stanley as lead bookrunners.  Atlassian will list on the Nasdaq under the ticker symbol “TEAM.”

Company Description: Atlassian sells business collaboration software.

Competitive Set: Microsoft, IBM, Rally Software (CA Technologies), GitHub, Zendesk

Square IPO Dossier Updated

Triton Research updated our Dossier to reflect Square’s amended registration with the SEC on November 6, 2015.  Square plans to sell 27m shares and sees an offering price of $11 – $13 per share.  Square will list on the NYSE under the symbol “SQ.”

Triton initially published a comprehensive Square Dossier on October 27th, 2015.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

Square IPO Terms Set: 27m Shares at $11-$13 Per Share

Square Inc. filed an amended registration with the SEC for its IPO today.  The company plans to sell 27m shares and sees an offering price of $11 – $13 per share.  Square will list on the NYSE under the symbol “SQ.”

Triton published a comprehensive Square Dossier on October 27th, 2015, which is being updated to reflect today’s offering details.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

Square IPO Terms Set: 27m Shares at $11-$13 Per Share

Square Inc. filed an amended registration with the SEC for its IPO today.  The company plans to sell 27m shares and sees an offering price of $11 – $13 per share.  Square will list on the NYSE under the symbol “SQ.”

Triton published a comprehensive Square Dossier on October 27th, 2015, which is being updated to reflect today’s offering details.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

Company Description: Square provides transaction services, software, and hardware that allow merchants to accept card payments. The Company also provides software services that manage back-office operations and also provides cash advances to merchants.

Competitive Set: PayPal, VeriFone, Shopify, Stripe, Adyen, Lightspeed, Clover (First Data)

Match Group Inc. Filed for a $100m IPO

Match Group Inc. filed an S-1 for a $100m IPO this evening.  The company named J.P. Morgan, Allen & Company,  and BofA Merrill Lynch as bookrunners.  Match Group Inc. will list on the Nasdaq under the ticker symbol “MTCH.”

Company Description: Match Group operates a portfolio dating products including Match, OkCupid, Tinder, Meetic, Twoo, OurTime and FriendScout24.

Competitive Set: Zoosk, Parship, ElitePartner, eHarmony.com, Spark Networks (Jdate, ChristianMingle), , Hinge, Bumble, Blendr, MeetMe.com

Square Filed for a $275m IPO

Square Inc. filed an S-1 for a $275m IPO this afternoon.  The company named Goldman Sachs, Morgan Stanley, and J.P. Morgan as lead bookrunners.  Square will list on the NYSE under the ticker symbol “SQ.”

Company Description: Square sells point-of-sale and retail management software and hardware. Square also offers payment processing and marketing services, and operates the Square Capital small-business loan marketplace.

Competitive Set: Intuit, Apple, Clover (First Data), Adyen, Shopify, Revel Systems.

First Data IPO Dossier Updated: Triton Score Revised HIGHER

Triton Research revised our First Data Company Score higher to reflect First Data’s amended registration with the SEC yesterday.  First Data plans to sell 160m shares and sees an offering price of $18 – $20 per share.  First Data will list on the NYSE under the symbol “FDC.”

Triton published a comprehensive First Data Dossier on August 11, 2015.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

SoFi Raised $1bn

Social Finance, the peer-to-peer (P2P) student loan startup, announced that it had raised a $1bn Series E round yesterday.  This is believed to be the largest-ever equity funding in the financial technology space.  SoftBank led the round and was joined by Third Point Ventures, Wellington Management, Institutional Venture Partners, RenRen, and Baseline Ventures.  This raise is expected to delay SoFi’s IPO plans, as the company was previously speculated to go public in 2015.

SoFi is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

First Data IPO Terms Set: 160m Shares at $18 – $20 Per Share

First Data Corp. filed an amended registration with the SEC for its IPO today.  The company plans to sell 160m shares and sees an offering price of $18 – $20 per share.  First Data will list on the NYSE under the symbol “FDC.”

Triton published a comprehensive First Data Dossier on August 11, 2015.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

Avant Raising $325m

Avant, an online marketplace for consumer loans, raised $325m in an equity round led by General Atlantic.  Other investors include Balyasny Asset Management and J.P. Morgan, as well as existing shareholders Tiger Global Management, August Capital, RRE Ventures and DFJ Growth.  The round, which is expected to formally close in a few weeks, reportedly valued Avant at approximately $2bn.

Avant is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

Didi Kuaidi Invested in Ola

Didi Kuaidi, China’s largest taxi-hailing app, announced today that it invested in Ola, India’s largest taxi-hailing app.  Earlier this month Ola was reported to be raising over $500m at a $5bn valuation.  Didi did not disclose the amount it is investing, but reports suggest it invested approximately $30m.  The investment appears to confirm recent speculation that Didi is attempting to assemble a global alliance of the major car services that aren’t Uber.  Did has previously invested in Lyft (U.S.) and GrabTaxi (Southeast Asia).

Didi Kuaidi and Ola are both members of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

Square Filing for IPO in Two Weeks

Square, the merchant services aggregator and mobile payment company, is reportedly planning to file an S-1 for its initial public offering within the next two weeks. A Fortune article out yesterday afternoon states that the company filed a confidential filing earlier this summer. This timing would allow Square to go public before the end of 2015. Goldman Sachs has been selected as the lead underwriter and Morgan Stanley and J.P. Morgan are also involved in the deal.

Square was last valued at $6bn in October 2014. Investors in the company include Government of Singapore Investment Corporation, Citi Ventures, Starbucks, Sequoia Capital and Richard Branson.

Square is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired. The current IPO Watchlist is comprised of 108 companies organized by investment theme.

Triton Score Revised LOWER

Triton Research revised our Pure Storage Company Score lower to reflect Pure Storage’s amended registration with the SEC yesterday.  Pure Storage plans to sell 25m shares and sees an offering price of $16 – $18 per share.  Pure Storage will list on the NYSE under the symbol “PSTG.”

Triton Research published a comprehensive Dossier on Pure Storage on September 1, 2015.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

Pure Storage Sets IPO Terms: 25m Shares at $16 – $18 Per Share

Pure Storage filed an amended registration with the SEC for its IPO today.  The company plans to sell 25m shares and sees an offering price of $16 – $18 per share.  Pure Storage will list on the NYSE under the symbol “PSTG.”

Triton Research published a comprehensive Dossier on Pure Storage on September 1, 2015.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

First Data Targeting $3bn IPO

A Wall Street Journal report claims that First Data Corp. is planning to raise $3bn in its IPO.  The offering is scheduled to kick off this week and will be the biggest U.S. listing so far this year.  The IPO is expected to give First Data a stock market value of $20 – 25bn.  Article Link.

Triton published a comprehensive First Data Dossier on August 11, 2015.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

First Data Appoints New CFO

First Data today announced that Himanshu Patel has been appointed Chief Financial Officer for the company.  Patel has served as First Data’s Executive Vice President of Strategy, Planning & Business Development since June 2013.  The company’s IPO is expected within the week.

Triton published a comprehensive Dossier on August 11, 2015.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

Ola Raising $500m at a $5bn Valuation

Ola, a mobile taxi booking marketplace in India, is reportedly raising over $500m at a $5bn valuation.  The raise is expected to be finalized within the next two weeks, but $225m has already been committed from investors including Falcon Edge Capital, Tiger Global Management, and Softbank Corp.  The company was last valued at $2.5bn in April when Ola raised $400m.

Ola is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

First Data Will List on NYSE as “FDC”

First Data Corporation filed an S-1/A this afternoon disclosing the company’s decision to list on the NYSE under the symbol “FDC.”  Earlier this week it was reported that First Data’s IPO could take place by the end of this month.  The deal is expected to be at least $2.5bn, which would be the biggest in the U.S. this year.

Triton published a comprehensive Dossier on August 11, 2015.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

Square IPO Coming in Q4

Square, the merchant services aggregator and mobile payment company, is reportedly planning to IPO in the fourth quarter of this year.  Speculation has swirled in recent months that the company filed confidentially for an IPO, but Jack Dorsey’s involvement with Twitter has complicated matters.  Bloomberg is now reporting that Square will press ahead with its IPO plans and Dorsey will remain the company’s CEO.

Square was last valued at $6bn in October 2014.  Investors in the company include Government of Singapore Investment Corporation, Citi Ventures, Starbucks, Sequoia Capital and Richard Branson.

Square is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 109 companies organized by investment theme.

First Data’s $2.5bn IPO Accelerated

Bloomberg is reporting that First Data Corporation is preparing to seek at least $2.5bn in their IPO.  The deal – which would be the biggest in the U.S. this year – could take place by the end of this month.  Earlier reports had hinted at an October IPO.  First Data filed its S-1 on July 20, 2015 and selected its bookrunners on August 26. 2015.

Triton published a comprehensive Dossier on August 11, 2015.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

PointClickCare Filed for a $100m IPO

PointClickCare, a provider of cloud-based management software in the senior care industry, filed an S-1 for a $100m IPO on September 3, 2015.  The company named J.P. Morgan, Goldman Sachs, and RBC Capital Markets as bookrunners.  PointClickCare will list on the Nasdaq under the ticker symbol “PCLK.”

Company Description: PointClickCare sells cloud-based management software for senior care providers.

Competitive Set: McKesson, Epic Systems, Cerner, CareMerge, HealthMedx

Good Technology Bought by BlackBerry for $425m

Good Technology, a mobile security developer and provider, was acquired by BlackBerry yesterday for $425m in cash.  The companies expect to close the deal by the end of November.  Good Technology had previously filed for an IPO in May 2014, but recent reports have suggested the company was having trouble getting the deal to market.

Good Technology was scored 4.80 by Triton Research, which is the lowest Company Score in history.

Pure Storage Dossier Published

Triton Research has published a comprehensive Dossier on Pure Storage.  The Dossier includes a Triton Company Score, fundamental model, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

Pure Storage filed an S-1 with the SEC on August 12, 2015 and is expected to launch its roadshow next month.  The company has not chosen an exchange but will list as “PSTG.”

First Data Selects Bookrunners

First Data selected 15 underwriters to lead its public offering yesterday.  The company, which filed its S-1 on July 20, still has not stated how much it intends to raise or chosen a ticker or exchange. First Data is expected to raise several billion dollars, and will likely not launch its road show until October.

Fanatics Raised $300m From Silver Lake

Fanatics, an online seller of branded sports team gear, sold a minority ownership stake to Silver Lake for $300m.  The company has been majority-owned by Kynetic LLC, an eBay spinoff.  The investment is all for primary shares, meaning that existing Fanatics investors will hold onto their stock.  It is not clear how large Silver Lake’s minority position would be, or if Kynetic would remain majority shareholder.  The company has previously raised $450m in minority equity funding from Andreessen Horowitz, Insight Venture Partners, and Alibaba Group.

Kynetic is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

ZocDoc Valued at $1.8bn

ZocDoc, the online booking platform for doctors, announced a $130m round of funding today.  The raise valued the company at $1.8bn, making ZocDoc the third most valuable startup in New York.  ZocDoc, which was founded in 2007, was last valued at $700m when it raised funding in 2011.  Baillie Gifford and Atomico (the venture firm started by Skype co-founder Niklas Zennstrom) led the round.  Existing investors in the company include Founders Fund, Jeff Bezos, Goldman Sachs, DST Global, and Khosla Ventures.

ZocDoc is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

SoFi Valued at $4bn

Social Finance Inc. (SoFi), an online marketplace lender with a focus on student loan refinancing, has reportedly raised $1bn at a $4bn valuation.  The round took place over the past few weeks and was led by SoftBank.  SoFi, which was founded in 2011, had previously raised $766m from investors including Third Point Ventures, Discovery Capital, Peter Thiel, and Wellington Management.

SoFi is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

Liberty Interactive to Purchase zulily

zulily, the flash-sales site for mothers, agreed to sell itself to Liberty Interactive yesterday in a deal that values the company at $2.4bn, or $18.75 a share in cash and stock.  zulily, which traded as high as $73.50 last year, is now 15% below its $22.00 IPO price.

SoFi Hired A COO Ahead of Rumored IPO

SoFi, an online marketplace lender with a focus on student loan refinancing, hired digital media veteran Joanne Bradford as its chief operating officer today.  This comes after reports in March that the company was preparing for a $500m IPO later this year.  SoFi, which was founded in 2011, has raised $766m in total capital from investors including Third Point Ventures, Discovery Capital, Peter Thiel, and Wellington Management.

SoFi is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

Pure Storage Inc. Filed for a $300m IPO

Pure Storage, a flash storage company, filed an S-1 for a $300m IPO today.  The company named Morgan Stanley, Goldman Sachs, Barclays, and Allen & Company as bookrunners.  This filing confirms speculation in April that Pure Storage was preparing to go public.  The company was valued at $3bn in April 2014 and has raised over $470m from investors including Sutter Hill, Greylock, Redpoint, Index Ventures, T.Rowe Price, Fidelity and Wellington Management.  The company has not chosen an exchange but will list as “PSTG.”

Company Description: Pure Storage sells solid-state enterprise storage hardware

Competitive Set: EMC, Hitachi Data Systems, HGST (Western Digital), NetApp, HP

First Data Dossier Published

Triton Research has published a comprehensive Dossier on First Data Corporation.  The Dossier includes a Triton Company Score, business model analysis, product analysis, bull vs. bear case scenarios, comparative analyses, management and director biographies, a historical valuation assessment, questions for management, and more.

First Data filed an S-1 with the SEC on July 20, 2015 and is expected to launch its roadshow next month.

HelloFresh Planning To IPO This Year

HelloFresh, a food delivery startup, is reportedly preparing for an IPO this year.  The offering may take place as early as October and could value the company at over $1.1bn.  Morgan Stanley and Goldman Sachs have been tapped to organize the listing.  HelloFresh, which was founded in 2011, has raised over $193m in funding.  Rocket Internet is a majority investor in the company, and other backers include Insight Venture Partners, Phenomen Ventures and Vorwerk Direct Selling Ventures.

HelloFresh is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

Uber Financial Metrics Leaked

Confidential Uber financial documents were leaked to Gawker today.  The documents appear to show Uber’s profits and losses for 2012, 2013, and some of 2014.  According to the documents, Uber reported an annual net revenue of $16.1m in 2012, $104.4m in 2013, and $102.6m in the first half of 2014.  Total losses have grown from $56.5m in 2013 to $161.1m in the first half of 2014.

Uber has raised over $6bn from investors since since the company was founded in 2009.  The company was most recently valued at $51bn.

Gawker Link.

Uber is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

Uber Valued at $51bn, Snapdeal Valued at $5bn

Uber Technologies, the mobile car-booking company, is now valued at $51bn.  The company raised $1bn in a round led by Microsoft, who invested $100m.  Uber was previously valued at $40bn when it raised money in February 2015.  Uber has now raised $6.9bn since the company was founded in 2009.

Snapdeal, the Indian ecommerce startup, is reportedly raising $500m at a $5bn valuation.  The raise is being led by Alibaba, with Foxconn and previous investor Softbank also participating.  Snapdeal, which was founded in 2010, has raised $1.1bn in total capital from investors such as eBay, Softbank, Intel and Blackrock.

Uber and Snapdeal are members of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

SimpliVity Planning A 2016 IPO

SimpliVity, a software startup that helps companies manage their hardware, is reportedly planning to IPO in the first quarter of 2016.  CEO Doron Kempel said in an interview that the six-year-old company is leaning toward Morgan Stanley as an underwriter.  SimpliVity was last valued at over $1bn in March and has raised $276m in total capital.  Investors in the company include Accel Partners, Charles River Ventures, DFJ Growth, Kleiner Perkins Caufield & Byers Growth, Waypoint Capital and Meritech Capital Partners.

SimpliVity is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

GitHub Added to Triton’s IPO Watchlist

GitHub, a software code hosting and collaboration platform, has been added to the Triton IPO Watchlist.  The company announced on July 29, 2015 that it had raised a $250m funding round at a valuation of approximately $2bn.  Sequoia Capital led the round, with Andreessen Horowitz, Thrive Capital and Institutional Venture Partners also participating.  GitHub, which was founded in 2008, has raised a total of $350m in outside funding.

GitHub is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme

First Data Corporation Reported Q2 Results

First Data Corporation reported Q2 results this afternoon.  The company saw a slight increase in revenue (1%) and adjusted EBITDA (3%) compared to the same quarter of 2014.  First Data filed an S-1 with the SEC on July 20, 2015 and is reportedly in the midst of interviewing bankers for its IPO.

Company Description: First Data provides payment processing services, as well as point-of-sale, analytics, and security software.

Competitive Set: Worldpay, Global Payments, Heartland Payment Systems, Vantiv, Square, Paypal, MICROS (Oracle)

Stripe Valued at $5bn

Stripe, a digital payments startup, received an investment from Visa that values the company at $5bn.  The investment is part of a larger round that includes Kleiner Perkins, American Express, and Sequoia Capital.  Stripe was last valued at $3.5bn in May.  Stripe and Visa also signed a commercial agreement in which the two companies will work closely on initiatives around payments security and new product innovation.

Stripe is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Vizio Inc. Filed for a $173m IPO

Vizio Inc. filed an S-1 with the SEC today for a proposed IPO of its common stock.  The company has not chosen an exchange but will list as “VZIO.”

Company Description: Consumer electronics company.

Competitive Set: Samsung, Sony, LG, Sharp, Toshiba, Panasonic, Funai

Square Said to File for IPO

Square, the merchant services aggregator and mobile payment company, has reportedly filed confidentially for an IPO.  This news comes after Forbes reported last month that Square is preparing for a public offering.  The company declined to comment on the news.  Square was last valued at $6bn in October 2014.  Investors in the company include Government of Singapore Investment Corporation, Citi Ventures, Starbucks, Rizvi Traverse Management and Richard Branson.

Square is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Palantir Worth $20bn, Airbnb Hiring a CFO

Palantir, the secretive data and analytics company, disclosed a new fundraising round to the SEC yesterday.  The company issued $500mn worth of stock and has sold $450m so far.  This confirms recent reports that Palantir was doing a raise at a $20bn valuation.  Palantir is now the 4^th most highly valued startup in the world behind Uber Technologies, Airbnb and Xiaomi.  Investors in Palantir include Founders Fund, 137 Ventures, Glynn Capital Management, Tiger Global Management and Reed Elsevier Ventures.

Airbnb, the online room rental service, is reportedly in talks to hire Blackstone’s CFO Laurence Tosi.  Airbnb hasn’t had a CFO since Andrew Swain left the company in September 2014.  Airbnb is reportedly in the process of raising $1bn at a $24bn valuation.  Investors in Airbnb include Andreessen Horowitz, Sequoia Capital, Greylock Partners, SV Angel, TPG, T. Rowe Price, and DST.

Palantir and Airbnb are members of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

First Data Corporation Filed for an IPO

First Data Corporation filed an S-1 with the SEC today for a proposed IPO of its common stock.  The company filed for a $100m offering, but this amount is likely a placeholder.

Company Description: First Data provides payment processing services, as well as point-of-sale, analytics, and security software.

Competitive Set: Worldpay, Global Payments, Heartland Payment Systems, Vantiv, Square, Paypal, MICROS (Oracle)

Apptio Hired Banks for an IPO

Apptio, a cloud-based software startup that helps companies analyze their spending on technology, is reportedly preparing for an IPO.  Apptio hired Goldman Sachs, J.P. Morgan and Bank of America to lead the offering.  The company – which last month named co-founder Kurt Shintaffer as chief financial officer – is expected to be valued at $1bn.  Apptio has raised $136m in total funding from Janus Capital, T. Rowe Price, The Hillman Comparies, Greylock Partners, Andreessen Horowitz, and others.

Apptio is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

FanDuel raising $275m at a valuation of over $1bn

FanDuel, the market leader in the daily fantasy sports industry, has reportedly raised $275m in Series E financing, bringing the company’s total capital raised to $363m at a valuation of over $1bn.  The latest funding round was oversubscribed and led by KKR with Google Capital and Time Warner Investments.  Previous investors Shamrock Capital, NBC Sports Ventures, Comcast Ventures, Bullpen Capital, Pentech Ventures and Piton Capital re-invested in FanDuel during the Series E raise.

Rapid7 IPO Terms Set: 6.45m Shares at $13 – $15 Per Share

Rapid7 Inc. filed an amended registration with the SEC for its IPO this afternoon.  The company plans to sell 6.45m primary shares and sees an offering price of $13 – $15 per share.  Rapid7 will list on the Nasdaq under the symbol “RPD.”

Triton Research published a 79-page report on Rapid7, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalization, historical valuations, and more.  For pricing information please call (212) 804-6151.

Triton Research Company Score (avg. 6.56): Contact Triton Research for more details.

Company Description: Develops and sells security software and services to enterprises and medium-sized businesses in a number of ways; 1) licensed software with associated, subscription-based content and maintenance, 2) cloud-based software services, and 3) managed services where it operates the software for its customers. The Company also sells professional services.

Competitive Set: Qualys, Tenable Network Security, McAfee (IBM), IBM, Veracode

MongoDB Hires New CFO

MongoDB, a NoSQL database software company, announced Michael Gordon as its Chief Financial Officer this morning.  Gordon replaces previous CFO Sydney Carey, who left MongoDB in February for venture-backed security company Zscaler.  Mr. Gordan joins MongoDB from Yodle, a venture-backed online marketing company for local businesses that filed for an IPO in July 2014 but has yet to go public. He was both the chief operating officer and chief financial officer and said he wasn’t looking to leave.

MongoDB raised $80m last December at a rumored $1.6bn valuation.  Investors in the company include Goldman Sachs, Altimeter Capital, NEA, Sequoia and T. Rowe Price Associates.

MongoDB is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme

InnoLight Technology Dossier Published by Triton Research

Triton Research has published a 64-page Dossier on InnoLight Technology Corporation.  Our analysis contains a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.

InnoLight filed an S-1 with the SEC on June 18, 2015 for an IPO of its common stock.  The company plans to list on the Nasdaq under the ticker INLT.

Company Description: Designs, manufactures, and sells high-performance optical transceivers (for use in data communications over fiber optic cable) to organizations with data centers.

Competitive Set: Finisar, Cisco, Brocade, Dell, Transition Networks

Uber Term Sheet Leaked – Reveals $470m in Operating Losses

An Uber term sheet was leaked to Bloomberg News yesterday.  The document, which is being used to sell $1bn – $1.2bn in convertible bonds, reveals that the company generated $470m in operating losses on $415m in revenue.  The term sheet also states 300% year-over-year growth.  An Uber spokeswoman claimed that the disclosed numbers are “substantially old [and] do not reflect business activities today.”

Last week it was reported that the deal is being led by Hillhouse Capital Management.  The leaked document shows that investors will be able to convert the notes at a compounded 11.5% discount if the company sells shares on the public market. The bonds mature in 2022, with an 8% annual return if held through maturity. Uber reportedly aims to complete the deal by June 30, 2015.

Uber is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

HelloFresh Added to Triton Research IPO Watchlist

HelloFresh, a food delivery startup, has been added to the Triton Research IPO Watchlist.  Press reports suggest that the company is considering an initial public offering this year and is in dialogue with Morgan Stanley and Goldman Sachs about advising.  HelloFresh has raised $193.5m in total capital since its inception in 2011.  The company is backed by Rocket Internet, Insight Venture Partners, Phenomen Ventures and Vorwerk Direct Selling Ventures.

HelloFresh is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Match Group Added to Triton Research IPO Watchlist

Match Group, an online dating business owned by media conglomerate IAC, has been added to Triton Research’s IPO Watchlist.  IAC announced today that it was planning to pursue an initial public offering for Match Group in the fourth quarter of this year.

Match Group holds a variety of popular dating websites and apps including Match.com, Tinder and OkCupid.  The IPO will consist of less than 20 percent of IAC common stock, and IAC will retain a stake in Match Group.  Match Group accounted for $239.2m of IAC’s revenue of $772.5m in the first quarter.

Match Group is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

WeWork Valuation Doubled to $10bn in Six Months

WeWork Companies Inc., a provider of shared office space to small companies and technology startups, was valued at $10bn yesterday after Fidelity and existing investors put $400m of capital into the company.  This valuation is double WeWork’s $5bn value in December 2014, and dwarfs the company’s $1.5bn valuation at the start of last year.  CEO Adam Neumann said the company hadn’t been looking for additional funding, but received inquiries from numerous investors.

WeWork is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Rapid7 Dossier Published by Triton Research

Rapid7 filed an S-1 with the SEC on June 11, 2015.  The company plans to list on the Nasdaq under the symbol “RPD.”  

Triton Research published a 79-page report on Rapid7, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalization, historical valuations, and more.  For pricing information please call (212) 804-6151.

Triton Research Company Score (avg. 6.56): Contact Triton Research for more details.

Company Description: Develops and sells security software and services to enterprises and medium-sized businesses in a number of ways; 1) licensed software with associated, subscription-based content and maintenance, 2) cloud-based software services, and 3) managed services where it operates the software for its customers. The Company also sells professional services.

Competitive Set: Qualys, Tenable Network Security, McAfee (IBM), IBM, Veracode

Palantir Now Valued at $20bn

Palantir Technologies, the secretive data and analytics company, is reportedly raising $500m at a $20bn valuation.  This round would make the company the third most valuable startup in the United States behind Uber and Airbnb.  Palantir was valued at $9bn in December 2013 and was reported to be worth $15bn late last year.  Current investors in Palantir include Founders Fund, 137 Ventures, Glynn Capital Management, Tiger Global Management and Reed Elsevier Ventures.

Palantir is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Credit Karma Valued at $3.5bn and Planning an IPO

Credit Karma, the online credit score provider and credit marketplace, announced a raise of $175m at a $3.5bn valuation today.  Investors in the round include Tiger Global Management, Valinor Management and Viking Global Investors.  Credit Karma has now raised $368.5m in total capital.  TechCrunch is also reporting that the company, which was founded in 2008, is on track to file for an IPO within the next year and a half.

Credit Karma is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

InnoLight Technology Filed for a $100m IPO

InnoLight filed an S-1 with the SEC this morning for a proposed IPO of its common stock.  The company plans to list on the Nasdaq under the ticker INLT.

Company Description: Sells hardware components (primarily optical transceiver) for fiber-optic communications.

Competitive Set: Finisar, Avago Technologies, JDS Uniphase, Sumitomo Electric, Honeywell, Belden, Perle

Airbnb Raising $1bn at a $24bn Valuation

Airbnb, the online room rental service,  is reportedly looking to close a $1bn funding round at a $24bn valuation by the end of June.  The company is telling investors to expect $850m in revenue in 2015 and $10bn by 2020.  Airbnb was last valued at $13bn.  Previous investors in the company include TPG, T. Rowe Price, Dragoneer, Founders Fund, Sequoia, DST and more.

Airbnb is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Spotify Hired A New CFO

Spotify, a music streaming service, has hired Barry McCarthy as CFO.  McCarthy, who is a member of the Spotify board and is stepping down, previously served as Netflix CFO until resigning in 2010 to pursue “broader executive opportunities.”  This hire comes one week after Spotify closed a $526m round of funding at a $8.53bn valuation.

Spotify is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

AppFolio Dossier Published: Company Score Revised Higher

Triton Research revised our AppFolio Inc. Company Score higher to reflect AppFolio’s amended registration with the SEC on June 15, 2015.  AppFolio plans to sell 6.2m shares and sees an offering price of $12 – $14 per share.  AppFolio will list under the symbol “APPF” and will list on the Nasdaq.

Triton Research has published a 65-page Dossier on AppFolio Inc. For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.56): Contact Triton Research for more details.

Company Description: Develops and sells cloud-based software services, on a subscription-basis, that automates business activities for small & medium businesses that manage property or provide legal services. AppFolio also sells related professional services and electronic payment services.

Competitive Set: Yardi, Easyrent, Property Solutions, Buildium, MRI Software

FitBit Price Range Raised to $17 – $19 Per Share, Deal Upsized

FitBit Inc. raised its price range for shares in its IPO to $17 – $19 from $14 – $16.  The deal – which is slated to price tomorrow night – was also upsized to 34.5m shares.  FitBit will list on the NYSE under the symbol “FIT.

Triton Research has published a 72-page Dossier on Fitbit Inc. For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.55): Contact Triton Research for more details.

Company Description: Designs and sells electronic fitness activity trackers and associated software to consumers and corporations as well as related software services (virtual coaching and content).

Competitive Set: Garmin, Jawbone, Misfit, Adidas, Nike, Apple, Archos, Microsoft, Samsung

Ooma Filed For a $100 IPO

Ooma, a consumer telecommunications company, filed an S-1 with the SEC today for a proposed IPO of its common stock.  The company plans to list on the NYSE under the ticker OOMA.

Ooma is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Xactly Dossier Published: Company Score Revised Higher

Triton Research revised our Xactly Inc. Company Score higher to reflect Xactly’s amended registration with the SEC on June 15, 2015.  Xactly plans to sell 7m shares and sees an offering price of $10 – $12 per share.  Xactly will list under the symbol “XTLY” and will list on the NYSE.

Triton Research has published a 69-page Dossier on Xactly Inc.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.55): Contact Triton Research for more details.

Company Description: Develops and sells cloud-based software and associated services that help companies manage employee compensation and performance (primarily sales employees) and are sold on a subscription basis.

Competitive Set: Anaplan, Beqom, Zoho, CallidusCloud, Netsuite, Cornerstone OnDemand

AppFolio IPO Terms Set: 6.2m Shares at $12 – $14 Per Share

AppFolio Inc. filed an amended registration with the SEC for its IPO this morning.  The company plans to sell 6.2m shares and sees an offering price of $12 – $14 per share.  AppFolio will list under the symbol “APPF” and will list on the Nsadaq.

Triton Research published a 65-page Dossier on AppFolio Inc. on June 1, 2015.  Our Triton Research Company Score for AppFolio is now under review.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.55): Contact Triton Research for more details.

Company Description: Develops and sells cloud-based software services, on a subscription-basis, that automates business activities for small & medium businesses that manage property or provide legal services. AppFolio also sells related professional services and electronic payment services.

Competitive Set: Yardi, Easyrent, Property Solutions, Buildium, MRI Software

Xactly IPO Terms Set: 7m Shares at $10 – $12 Per Share

Xactly Inc. filed an amended registration with the SEC for its IPO this morning.  The company plans to sell 7.04m shares and sees an offering price of $10 – $12 per share.  Xactly will list under the symbol “XTLY” and will list on the NYSE.

Triton Research published a 69-page Dossier on Xactly Inc. on June 8, 2015.  Our Triton Research Company Score for Xactly is now under review.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.55): Contact Triton Research for more details.

Company Description: Develops and sells cloud-based software and associated services that help companies manage employee compensation and performance (primarily sales employees) and are sold on a subscription basis.

Competitive Set: Anaplan, Beqom, Zoho, CallidusCloud, Netsuite, Cornerstone OnDemand

Square Planning To IPO This Year

Square, the merchant services aggregator and mobile payment company, will reportedly go public this year.  FORBES reports that Square is planning to file a confidential registration statement – a person familiar with the matter said “it’s going to happen soon, if it hasn’t happen already.”  Square last raised money in October 2014 at a $6bn valuation.

Square is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Rapid7 Filed for a $80m IPO

Rapid7 filed an S-1 with the SEC today for a proposed IPO of its common stock.  The company plans to list on the Nasdaq under the ticker RPD.

Company Description: Sells security software and related services to enterprises.

Competitive Set: Qualys, Tenable Network Security, Barracuda Networks, FireEye, McAfee (Intel), IBM

Spotify Closes Funding Round – Now Valued at $8.53bn

Spotify, a music streaming service, closed a $526m round of funding yesterday.  The financing – which was first reported in April – valued the company at $8.53bn.  Investors in Spotify’s latest round include Discovery Capital Management, Senvest Capital, Baillie Gifford, Landsdowne Partners, and Rinkelberg Capital.  This raise comes on the heels of the launch of Apple Music this past Monday.

Spotify is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

MINDBODY Dossier Published: Company Score Revised Higher

Triton Research revised our MINDBODY Company Score higher to reflect MINDBODY’s amended registration with the SEC on June 8, 2015.  MINDBODY plans to sell 7.15m shares and sees an offering price of $13 – $15 per share.  MINDBODY will list under the symbol “MB” and has applied to list on the Nasdaq Global Market.

Triton Research published a 67-page Dossier on MINDBODY Inc. on May 22, 2015.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.55): Contact Triton Research for more details.

Company Description: Develops and sells enterprise resource planning software to small and medium businesses in the health and beauty industry (gyms, salons, spas, etc.) on a subscription-basis, and point-of-sale hardware on a unit basis. The Company also runs a marketplace for 3rd-party software providers to sell add-ons to MINDBODY subscribers.

Competitive Set: Square, Intuit, SalonBiz, SpaBooker, Shopify, Zen Planner, Front Desk

Xactly Dossier Published

Triton Research published a 69-page Dossier on Xactly, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.56): Contact Triton Research for more details.

Company Description: Develops and sells cloud-based software and associated services that help companies manage employee compensation and performance (primarily sales employees) and are sold on a subscription basis.

Competitive Set: Anaplan, Beqom, Zoho, CallidusCloud, Netsuite, Cornerstone OnDemand

Delivery Hero Raised $110m at a $3.1bn Valuation

Delivery Hero, a takeout food service based in Berlin, raised $110m at a valuation of over $3.1bn.  Investors in the round were not named, but described as “leading public market investors” out of the U.S.  This round brings total capital raised by the company to $1bn, with nearly $600m raised this year.  Previous investors in Delivery Hero include Insight Venture Partners, General Atlantic, and Rocket Internet.

Delivery Hero CEO Niklas Östberg told TechCrunch that he thinks the company is in a position to IPO this year, but wants to “wait until we see a clear benefit from it.”

Delivery Hero is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

MINDBODY Sets IPO Terms: 7.15m Shares at $13 – $15 Per Share

MINDBODY Inc. filed an amended registration with the SEC for its IPO this morning.  The company plans to sell 7.15m shares and sees an offering price of $13 – $15 per share.  MINDBODY will list under the symbol “MB” and has applied to list on the Nasdaq Global Market.

Triton Research published a 67-page Dossier on MINDBODY Inc. on May 22, 2015.  Our Triton Research Company Score for MINDBODY is now under review.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.56): Contact Triton Research for more details.

Company Description: Develops and sells enterprise resource planning software to small and medium businesses in the health and beauty industry (gyms, salons, spas, etc.) on a subscription-basis, and point-of-sale hardware on a unit basis. The Company also runs a marketplace for 3rd-party software providers to sell add-ons to MINDBODY subscribers.

Competitive Set: Square, Intuit, SalonBiz, SpaBooker, Shopify, Zen Planner, Front Desk

Coupang Received $1 Billion from SoftBank

Coupang, a Korean online retailer, received a $1bn investment from SoftBank Corp. at a $5bn valuation yesterday.  This deal is the largest Internet investment in South Korea’s history.  Coupang has raised $1.4bn in total capital since its inception in 2010, most recently $300m from Blackrock in December 2014.  Other investors in the company include Sequoia Capital, Wellington Management Company, and Illuminate Ventures.

Coupang is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Fitbit Dossier Published – Company Score Revised

Triton Research revised our Fitbit Company Score lower to reflect Fitbit’s amended registration with the SEC this morning.  Fitbit plans to sell 29.9m shares at an offering price of $14 – $16 per share.  Fitbit will list on the NYSE under the symbol “FIT.”

Triton Research published a 72-page report on Fitbit Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Fitbit Sets IPO Terms: 29.9m Shares at $14 – $16 Per Share

FitBit Inc. filed an amended registration with the SEC for its IPO this morning.  The company plans to sell 29.9mn Shares (22.4m Primary/7.5mn Secondary) and sees an offering price of $14 – $16 per share.  FitBit will list on the NYSE under the symbol “FIT.

Triton Research published a 72-page Dossier on Fitbit Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Snapchat Raising Money at a $16bn Valuation

Snapchat, the ephemeral messaging service, is reportedly raising money at a $16bn valuation.  Potential investors in the $650mn round include Fidelity, Alibaba, Glade Brook Capital and York Capital.  CEO Evan Spiegel revealed plans for an eventual IPO earlier this week.  Snapchat – which was valued at $15bn in March – has raised $848m in total capital since it was founded in 2011.

Snapchat is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Snapchat Planning for IPO

Snapchat, the ephemeral messaging service, is reportedly planning an IPO.  CEO Evan Spiegel said yesterday at the Re/code Conference in L.A., “We need to IPO. We have a plan to do that.”  Snapchat, which declined Facebook’s $3bn acquisition offer in 2013, was last valued at $10bn in December.  It was reported this past February that Snapshat was looking to raise $500m at a $19bn valuation.

Snapchat is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Alarm.com Filed for a $75mn IPO

Alarm.com Holdings filed an S-1 with the SEC on May 22, 2015 for a proposed IPO of its common stock.  The company plans to list on the Nasdaq under the ticker ALRM.

Company Description: Alarm.com sells home security and home automation hardware and management software.

Competitive Set: Nest Labs (Google), AT&T, Comcast, iControl Networks, Leviton, Samsung, ADT, Honeywel

Hootsuite IPO Coming Soon

Hootsuite Media, a platform for enterprises to manage their presence on social media sites, is contemplating moving up its IPO timeline after Shopify’s positive debut yesterday.  Ryan Holmes, the CEO of Hootsuite, said “I’ve talked about 18 to 24 months [until an IPO], but I’m very bullish given the success that Shopify has had, and maybe we will want to speed that up a little bit.”  Hootsuite last raised $60m in September, bringing total financing to date to $250m.

Hootsuite is a members of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Stripe Raising Money at a $5bn Valuation Seven Months After Raising at a $3.5bn Valuation

Stripe, a payments startup, is reportedly in talks to raise an undisclosed sum of money at a $5bn valuation.  This comes less than seven months after Stripe announced a $70m round that valued the company at $3.5bn.  Stripe has raised $190m in total capital to date.  Investors in Stripe include Thrive Capital, Sequoia Capital, General Catalyst, Founders Fund and Khosla Ventures.

Stripe is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Xactly Filed For An IPO

Xactly filed an S-1 with the SEC today for a proposed IPO of its common stock.  The company plans to list on the NYSE under the ticker XTLY.

Company Description: Xactly sells cloud-based software to Enterprises and SMBs for managing sales commissions and analyzing sales team performance.

Competitive Set: NetSuite, Cornerstone Software, QCommission, Anaplan, Plex Systems, CallidusCloud

Flipkart Now Valued at $15.5bn

Flipkart, India’s largest e-commerce site, is now valued at $15.5bn after raising $550m from existing investors.  This raise – which was led by Tiger Global Management – makes Flipkart the third most valuable privately-held startup company in the world.  Flipkart has now raised over $3bn in total capital from investors such as Accel Partners, T. Rowe Price Associates, DST Global, Naspers, GIC, and Qatar Investment Authority.

Flipkart is a members of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

AppFolio Filed For An IPO

AppFolio filed an S-1 with the SEC today for a proposed IPO of its common stock.  The company plans to list on the Nasdaq under the ticker APPF.

Company Description: AppFolio sells web-based software to SMB property management companies. The software includes tools for vacancy posting, work-order management, online rent collection, applicant screening, and other operations.

Competitive Set: Yardi, Easyrent, Property Solutions, Buildium, MRI Software

Fitbit Dossier Published by Triton Research

Triton Research published a 72-page Dossier on Fitbit Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.57): Contact Triton Research for more details.

Company Description: Designs and sells electronic fitness activity trackers and associated software to consumers and corporations as well as related software services (virtual coaching and content).

Competitive Set: Garmin, Jawbone, Misfit, Adidas, Nike, Apple, Archos, Microsoft, Samsung

DocuSign Valued at $3bn, Blue Apron Valued at $2bn

DocuSign, the digital signature software company, raised $233m at a $3bn valuation.  This round – which brings total capital to over $440bn – is almost double the $1.6bn valuation DocuSign took in March 2014.  Brookside Capital led the round and was joined by Generation Investment Management, ClearBridge Investments, Iconiq Capital, Wasatch Advisors, Wellington Management, and Sands Capital Ventures.  Existing investors in Docusign include strategic funds such as Google Ventures, SAP Ventures, VISA, Salesforce, Samsung Venture Investment Corp., Telstra and Comcast.

Blue Apron, a meal-kit delivery startup, is reportedly in talks to raise money at a valuation of ~$2bn.  The company – which raised $50m in April 2014 at a $500m valuation – is seeking to raise more than $100m from investors.  Fidelity is rumored to be participating in the round.  Existing investors in Blue Apron include Bessemer Venture Partners, First Round Capital, the Stripes Group and Box Group.

DocuSign and Blue Apron are members of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 106 companies organized by investment theme.

Baozun Score Revised Higher to 6.44

Triton Research increased Baozun Inc.’s Company Score to 6.44 from 6.39 following the company’s S-1/A filing on May, 8, 2015.

Baozun plans to sell 11mn shares at an offering price of $12 – $14 per share.  Baozun will list on the Nasdaq under the symbol “BZUN.”

Triton Research published a 59-page report on Baozun Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.55): 6.44 (previously 6.39)

Company Description: Helps foreign brand manufacturers sell their goods to consumers in China. It does this as an exclusive retailer, taking inventory risk and selling through wholly owned channels that are official brand stores and as a services provider agent running their Chinese retail operations selling product through customers online stores and official marketplace stores such as Tmall, JD.com, Weixin, and Amazon.

Competitive Set: PFSweb, Speed Commerce, Arvato, Transcosmo, Web2Asia, Lili&Beauty, Oriental Logistics

Uber Nearing $50bn Valuation

Uber Technologies, the mobile car-booking company, is reportedly in talks to raise $1.5 – 2bn at a $50bn valuation.  This round would make Uber the most valuable privately-funded startup in the world.  Uber has raised over $4bn since its inception in 2009, $2.4bn of which came in June and December of last year.

Uber is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Baozun Sets IPO Terms: 11mn Shares at $12 – $14 Per Share

Baozun Inc. filed an amended registration with the SEC for an IPO of its Common Stock last night.  The company plans to sell 11m shares and sees an offering price of $12 – $14 per share.  Baozun will list on the Nasdaq under the symbol “BZUN.”

Triton Research published a 59-page report on Baozun Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.54): 6.39 – UNDER REVIEW

Company Description: Helps foreign brand manufacturers sell their goods to consumers in China. It does this as an exclusive retailer, taking inventory risk and selling through wholly owned channels that are official brand stores and as a services provider agent running their Chinese retail operations selling product through customers online stores and official marketplace stores such as Tmall, JD.com, Weixin, and Amazon.

Competitive Set: PFSweb, Speed Commerce, Arvato, Transcosmo, Web2Asia, Lili&Beauty, Oriental Logistic

Shopify Score Revised Higher to 7.64

Triton Research published a 59-page report on Shopify Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.55): 7.64 (previously 7.51)

Company Description: Develops and sells cloud-based software that allows small and medium businesses to create and operate their own branded online stores.

Competitive Set: Intuit, GoDaddy, Web.com Group, United Internet, Magento (eBay), Volusion, Bigcommerce, Squarespace, HiiDef, Square

Zenefits Valued at $4.5bn

Zenefits, a two year-old cloud software startup that helps small companies manage employee benefits, has been added to Triton Research’s IPO Watchlist after raising $500m at an implied valuation of $4.5bn.

The deal is the largest funding event for a cloud software company since Workday went public in 2012 and brings Zenefits’ total capital raised to +$581m.  Fidelity Management and TPG led the round, and were joined by Andreessen Horowitz, Insight Venture Partners, Founders Fund, Khosla Ventures, and Sound Ventures, Institutional Venture Partners (IVP), and the actor Jared Leto.

Zenefits is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Evolent Health Files For $100m IPO

Evolent Health filed an S-1 with the SEC today for a proposed IPO of its common stock.  The company plans to list on the NYSE under the ticker EVH.

Company Description: Provides healthcare service management and value-based contract billing software to health plans, third-party payers and self-funded employers.

Competitive Set: McKesson, TriZetto Group, Benefitfocus, DST Health Solutions, CGI

Twilio Valued at +$1 Billion

Twilio, a cloud communication company that gives developers the ability to add SMS, voice, and VoIP functionality to their applications, raised a $100m Series E round yesterday.  The round – which essentially matches the $103m Twilio had previously raised – valued the company at over $1bn.  Twilio was last valued at $500m in June 2013.  Lead investors in the round were Bessemer Venture Partners, Draper Fisher Jurvetson, and Redpoint Ventures.

Twilio is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Vice Media on Track to Generate Nearly $1bn in 2015 Revenue

Vice Media, an online media outlet, reportedly generated $500m in revenue in 2014.  The company was profiled by the New York Times in an article that claims Vice is worth $4bn and is on track to achieve $915m in revenues this year.  CEO Shane Smith said that he would consider taking the company public if Vice’s valuation gets much higher.

Vice Media is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Spotify Valued at $8bn

CNBC is reporting that Spotify, a music streaming service, raised $350m at a $8bn valuation.  This comes after the WSJ said the company was raising $400m at a $8.4bn valuation on April 10, 2015.  Spotify’s last fundraise in November 2013 valued the company at $4bn.

Spotify is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Warby Parker Valued at $1.2bn

Warby Parker, a vertical commerce eyewear company, announced a $100m round of funding today. The raise was led by T. Rowe Price and values the company at $1.2bn. Wellington Management and previous backers Tiger Global and General Catalyst also invested in the round. Warby Parker has raised a total of $215m and has more than doubled its valuation since its last funding round in December 2013.

Warby Parker is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired. The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Nutanix Hiring Banks For An IPO

Nutanix, an enterprise virtualization and storage company, is reportedly hiring underwriters for an IPO later this year.  The offering could value the company at more than $2.5bn.  Nutanix has raised over $310m from investors including Fidelity Investments, Wellington Management, Goldman Sachs Group Inc, Riverwood, Khosla Ventures, Battery Ventures, Blumberg Capital, SAP Ventures and Lightspeed Venture Partners.

Nutanix is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Baozun Scored 6.39 by Triton Research

Triton Research published a 59-page report on Baozun Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Triton Research Company Score (avg. 6.54): 6.39

Company Description: Helps foreign brand manufacturers sell their goods to consumers in China. It does this as an exclusive retailer, taking inventory risk and selling through wholly owned channels that are official brand stores and as a services provider agent running their Chinese retail operations selling product through customers online stores and official marketplace stores such as Tmall, JD.com, Weixin, and Amazon.

Competitive Set: PFSweb, Speed Commerce, Arvato, Transcosmo, Web2Asia, Lili&Beauty, Oriental Logistics

Funding Circle Valued at $1 Billion

Funding Circle, a British online SMB loan marketplace, raised $150m on April 22, 2015.  The round – which was lead by DST Global, BlackRock, and Temasek – valued the company at $1bn.  Funding Circle has now raised a total of $273.2m since its inception in 2009.

Funding Circle is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Just-Launched Domo Preparing to IPO

Domo, a business management platform that officially launched this month, is already making plans to go public. Domo CEO Josh James made comments at Code Enterprise: San Francisco yesterday that the company will be ready to go public in six months, but will likely go in 12 to 18 months. Domo was valued at $2bn in its last funding round on April 8, 2015.

Domo is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired. The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Baozun Inc. Files for IPO

Baozun Inc. filed an S-1 with the SEC on April 17, 2015 for a proposed IPO of its common stock. Baozun, which is backed by Alibaba, initially filed confidentially on December 18, 2014.

Company Description: Baozun provides e-commerce solutions to businesses, including IT, Customer, logistics and marketing services.

Competitive Set: ShopEx, Wowo, Tencent, JD.com, meituan.com, diaping.com, Amazon

Shopify Files for IPO

Shopify Inc., an online service for creating and operating web stores, filed to raise $100m in an initial public offering. The Company operates worldwide and has booked $124m in LTM Revenue with a 110% ’12-’14 Rev CAGR.

Current Shopify investors include Bessemer Venture Partners, FirstMark Capital, Klister Credit Corp., OMERS Ventures, Georgian Partners.  Morgan Stanley, Credit Suisse, RBC Dominion Securities  have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on May 18, 2015.

Spotify Nearing $8bn Valuation

Spotify, a music streaming service, is reportedly close to raising $400m at a valuation of $8.4bn. This valuation is more than double its publicly-traded competitor Pandora ($3.55bn). Investors in the Spotify round include Goldman Sachs and Abu Dhabi.

Spotify is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

Pure Storage Preparing for IPO

Pure Storage, a flash storage company, has reportedly hired Morgan Stanley, Goldman Sachs, and Barclays for an initial public offering.  This comes after a funding round in April 2014 valued the company at over $3bn.  Pure Storage has raised over $470mn from investors including Sutter Hill, Greylock, Redpoint, Index Ventures, T. Rowe Price, Fidelity and Wellington Management.  The IPO could come later this year.

Pure Storage is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.

TransUnion Files for IPO

TransUnion Corp., seller of credit reporting and analytics software to consumers and businesses, filed to raise $100m in an initial public offering. The Company operates worldwide and has booked $1,305m in LTM Revenue with a 10% ’13-’14 Rev CAGR.

Current TransUnion investors include Advent International Corporation and Goldman Sachs. Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, and Deutsche Bank  have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on May 7, 2015.

Etsy Price Range Set – Triton Research Score Revised Lower to 7.31

Triton Research has updated the Etsy  Inc. Dossier to reflect the Company’s S-1 Amendment on March 31, 2015.  The Company Score decreased to 7.34 from 7.31.  Etsy plans to sell 16.6m shares and sees an offering price of $14 – $16 per share.  The Company will list on the NASDAQ under the symbol “ETSY”.

Triton Research published a 61-page report on Etsy Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

APIGEE CORPORATION Scored 4.83 – Triton Research Dossier Published

The Triton Research Dossier on Apigee has been published.  Apigee’s Triton Research Score of 4.83 is one of the lowest since we started scoring companies, primarily due to its poor disclosure.  The company is a decade old but is still quite small and has significant net income losses.  Apigee no longer provides data on the number of customers or retention rates, making it impossible to model and forcing investors to wonder why they stopped offering certain metrics.  Investors should be wary if Apigee refuses to provide more information about its business.

Triton Research has published a 60-page report on Apigee Corporation containing product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Slack Nearing $2 Billion Valuation

Slack Technologies Inc., the enterprise collaboration service, is reportedly in talks to raise financing at a valuation of more than $2 billion.  This comes after Slack raised $120 million at a valuation of $1.12 billion in October.  The company has raised $180 million to date.  Investors in Slack include Kleiner Perkins Caufield & Byers, Google Ventures, Accel Partners and Andreessen Horowitz.

Slack is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 103 companies organized by investment theme.

IPO Filing – Apigee Corporation

Apigee Corp., developer of software for designing, creating and analyzing data using APIs, filed to raise $86m in an initial public offering. The Company operates worldwide and has booked $62m in LTM Revenue with a 10% ’12-’14 Rev CAGR.

Current Apigee investors include Bay Partners, Norwest Venture Partners, Third Point Partners, and Wellington Management Company. Morgan Stanley, J.P. Morgan, and Credit Suisse have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on April 23, 2015.

GoDaddy, Inc. Score Revised Higher to 5.82 – Triton Research Dossier Updated

Triton Research has updated the GoDaddy, Inc. Dossier to reflect the Company’s S-1 Amendment on March 19, 2015.  The company Score increased to 5.82 from 5.71.  GoDaddy filed to sell 22m shares and sees an offering price of $17 – $19 per share.  GoDaddy will list on the NYSE under the symbol “GDDY”.

Triton Research published a 57-page report on GoDaddy Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

GoDaddy Sets IPO Terms: 22m Shares at $17 – $19 Per Share

GoDaddy, Inc.  filed an amended registration with the SEC for an IPO of its Common Stock.  The company plans to sell 22m shares and sees an offering price of $17 – $19 per share. GoDaddy will list on the NYSE under the symbol “GDDY”.

Triton Research published a 57-page report on GoDaddy Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at kaylan@triton-research.com or (212) 804-6151.

Warby Parker Hires Goldman Sachs

Warby Parker, a vertical commerce eyewear company, has hired Goldman Sachs to assist with its fundraising options.  The company is reportedly considering filing for an IPO under the Jobs Act.  The company may also raise more private capital after receiving investor interest at a valuation of $1 billion.  Current investors in Warby Parker include Tiger Global Management, General Catalyst Partners, First Round Capital, and American Express.

Warby Parker is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 101 companies organized by investment theme.

Uber CFO Steps Down

Uber Technologies, the mobile car-booking company, announced this afternoon that CFO Brent Callinicos is stepping down.  Callinicos joined Uber in 2013 from Google and helped the company raise more than $5 billion in capital. No replacement has been named but former Goldman Sachs VP Gautam Gupta will be acting head of finance.  Uber was valued at $41 billion in a funding round last December.

Uber is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 101 companies organized by investment theme.

Snapchat Receives $200mn from Alibaba

Snapchat, the ephemeral messaging service, has received a $200 million investment from Alibaba.  The investment gives Snapchat a $15 billion valuation and comes after the company was reportedly valued at $10 billion at the end of 2014.  Investors in Snapchat include Yahoo, IVP and Kleiner Perkins Caufield & Byers.

Snapchat is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 111 companies organized by investment theme.

InMobi in Talks to be Bought by Google

InMobi, a Bangalore-based mobile advertising platform, reportedly may be bought by Google.  InMobi, which was founded in 2007, helps companies target phones and mobile devices in their advertising.  Talks are still at an early stage, but InMobi would likely be valued at around $1 billion.  Current investors in InMobi include SoftBank and Kleiner Perkins Caufield & Byers.

InMobi is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 111 companies organized by investment theme.

SoFi Aiming for IPO in 2H15

Social Finance, the peer-to-peer (P2P) student loan startup, is reportedly planning a $500m IPO in the second half of this year.  SoFi is working with Goldman Sachs and Morgan Stanley on the deal and plans to file its prospectus confidentially in the second quarter.  The offering would value SoFi at $3.5bn.

SoFi is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 111 companies organized by investment theme.

Evernote Hires CFO

Evernote, a cloud-based note-taking and storage mobile app, hired a new CFO yesterday.  Jeff Shotts, the former CFO of ModCloth and a former finance executive at eBay, was named to the position in a blog post by Evernote CEO Phil Libin.  This move is being viewed as a hint that the company is gearing up for an IPO.  Evernote has a valuation of approximately $1bn.

Evernote is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 111 companies organized by investment theme.

IPO Filing – Etsy, Inc.

Etsy, Inc., an online marketplace for buying and selling handmade goods, craft supplies and antiques, filed to raise $100m in an initial public offering. The Company operates worldwide and has booked $196m in LTM Revenue with a 62% ’12-’14 Gross Rev CAGR.

Current Etsy investors include Accel Partners, Index Ventures, Tiger Global Management, and Union Square Ventures.  Goldman Sachs, Morgan Stanley, and Allen & Co. have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on April 5, 2015.

Etsy Files For $100m IPO

Etsy, an online marketplace focused on handmade, vintage and craft items, filed an S-1 this evening for a $100m IPO.  The company plans to list on the Nasdaq under the symbol “ETSY.”

Etsy is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 111 companies organized by investment theme.

Nextdoor Valued at $1.1 Billion

Nextdoor, a private social network for neighborhoods and municipalities, announced a capital raise of $110m today.  The new money, which comes from Redpoint Ventures and Insight Venture Partners, values the company at ~$1.1bn.  Nextdoor has now raised a total of $210m in capital.  Previous investors include Kleiner Perkins Caufield & Byers, Tiger Global Management, Comcast Ventures, Greylock Partners, and Shasta Ventures.

Nextdoor is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 111 companies organized by investment theme.

Veracode Planning a May IPO

Veracode, a software app security company, has filed confidentially for an IPO and is planning to go public in May.  Veracode is said to have already picked banks to underwrite the offering.  The IPO is expected to value the company at approximately twice the $450m valuation Veracode receive in a $40m funding round last September.  Veracode has raised a total of $110m in capital to date.

Veracode is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 111 companies organized by investment theme.

Airbnb Seeking $20bn Valuation

Airbnb, the online room rental service, is in the process of raising a round of funding that will value it at $20bn.  The company is reportedly raising close to $1bn, with half of that secured. To date Airbnb has disclosed raising nearly $800m. Previous investors in the company include TPG, T. Rowe Price, Dragoneer, Founders Fund, Sequoia, DST and more…

Airbnb is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 111 companies organized by investment theme.

MAXPOINT INTERACTIVE Score Revised Higher to 6.24 – Triton Research Dossier Updated

Triton Research updated our MaxPoint Interactive Dossier to reflect the Company’s S-1 Amendment on February 23, 2015.  Our company score increased to 6.24 from 6.17.  MaxPoint filed to sell 6.5m shares and sees an offering price of $10.50 – $12.50 per share.  MaxPoint will list on the NYSE under the symbol “MXPT”.

Triton Research published a 57-page report on MaxPoint Interactive containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

GoDaddy S-1/A Filed: Seeking NYSE Listing Under Symbol GDDY

GoDaddy Inc. filed an amended S-1/A this evening.  The company is seeking to list on the NYSE under ticker symbol “GDDY.”

Triton Research has published a 59-page report on GoDaddy Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more. 

MAXPOINT INTERACTIVE Sets IPO Terms 6.5m Shares at $10.50 – $12.50 per Share – Triton Research Score Under Review

MaxPoint Interactive filed an amended registration with the SEC for an IPO of its Common Stock.  The company plans to sell 6.5m shares and sees an offering price of $10.50 – $12.50 per share.  MaxPoint will list on the NYSE under the symbol “MXPT”.

Triton Research published a 57-page report on MaxPoint Interactive containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Pinterest Seeking Valuation of $11bn

Pinterest, the online scrapbooking site, is reportedly in talks to raise $500m in coming weeks.  This round of funding is expected to value Pinterest at ~$11bn, more than twice the $5bn valuation the company was assigned when it last raised funds last May.  Prior to this round Pinterest had raised a total of $764m from investors including Bessemer Venture Partners, Andreessen Horowitz, Valiant Capital Partners and Rakuten  Inc.  It is unclear whether any new investors will join the latest round.

Pinterest is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

Uber Expands Funding Round

Uber, the mobile car-booking company, expanded its Series E round of venture financing by $1bn today.  This move brings total capacity for the round up to $2.8bn and comes just weeks after the company closed a $1.2bn round of financing.  Uber has now raised close to $5bn in private funding since it was founded in 2009.  The company’s $40bn valuation remains unchanged since December.

Uber is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme

Dropbox Hires New CFO

Dropbox, the cloud storage company, replaced its insider CFO Sujay Jaswa with former Motorola Mobility CFO Vanessa Wittman yesterday afternoon.  Wittman has longtime experience in the public sector, raising questions about the company’s IPO plans.  Dropbox was previously expected to IPO in 2016 and is reportedly working on additional funding that could raise its market value to $11 billion.

Dropbox is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme.

MAXPOINT INTERACTIVE Scored 6.17 – Triton Research Dossier Published

The Triton Research Dossier on MaxPoint Interative has been published.  According to the Dossier, MaxPoint Interactive offers a differentiated online marketing service used by major national brand advertisers that helps them drive in-store sales. The Company was break-even in 2013 at only $66m in revenues, but operating profit and free cash flow have deteriorated in 2014 as sales and marketing costs have increased. While the product is differentiated, this potentially limits the addressable market. The Company’s disclosure is lacking, making it difficult to understand its customer acquisition costs. But for its top 25 customers revenue per campaign has been dropping over the last two fiscal years.  MaxPoint’s 6.17 Triton Research company score is below our average of 6.54.

Triton Research published a 57-page report on MaxPoint Interactive containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Atlassian Hires CFO

Atlassian, a company that sells collaboration tools to large enterprises, hired Erik Bardman as its CFO today.  Bardman replaces C. Alex Estevez who served as the company’s CFO from 2011 to last October.  This move is being viewed as a hint that the company is gearing up for an IPO.  Atlassian’s last funding round came with a valuation of $3.3 billion.

Atlassian is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 108 companies organized by investment theme,

Delivery Hero Receives $568m from Rocket Internet

Delivery Hero, an online food takeaway service, received $568m from Rocket  Internet AG in exchange for a 30% stake.  This transaction valued Delivery Hero at almost $2bn.  Other investors in the four-year-old company include Insight Venture Partners LP, Kite Ventures PE, ru-Net Ltd., Point Nine Capital, Phenomen Ventures and Vostok Nafta Investment Ltd.

Delivery Hero is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 107 companies organized by investment theme.

SoFi Raises $200m Ahead of IPO

Social Finance Inc., or SoFi, raised $200mn in a Series D funding round on February 3, 2015.  The round valued the peer-to-peer (P2P) student loan startup at $1.3bn.  Third Point Ventures led the round, which also included Wellington Management Company, Institutional Venture Partners and existing investors. SoFi has now raised $766m and is reportedly eyeing an IPO later this year.

Social Finance Inc. is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 107 companies organized by investment theme.

IPO Filing – Maxpoint Interactive, Inc.

Maxpoint Interactive, Inc., a marketing automation software company focused on location-based targeting to national brand advertisers, filed to raise $75m in an initial public offering. The Company operates in the U.S. and U.K. and has booked $92m in LTM Revenue with a 112% ’11-’13 Rev CAGR.

Current Maxpoint investors include Trinity Ventures, Madrona Venture Funds, Performance Equity Management.  Goldman Sachs and Deutsche Bank have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on March 12, 2015.

Hootsuite Media Planning A 2016 IPO

Hootsuite Media, a platform for enterprises to manage their presence on social media sites, is reportedly planning a 2016 IPO.  CEO Ryan Holmes stated “We are building the foundations and best practices of a public company, and have a lot of interest in an offering, which may happen in 18-24 months.”  Hootsuite last raised $60m in September, bringing total financing to date to $250m.

Hootsuite Media is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 107 companies organized by investment theme.

MapR Planning a 2015 IPO

MapR Technologies, an open-source Hadoop distribution vendor, is preparing for an IPO in late 2015 according to a Fortune interview with CEO John Schroeder.  The company hired a new CFO last year and raised $100m in June.

MapR  is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 107 companies organized by investment theme.

Etsy Prepping for IPO

Etsy Inc., an online marketplace focused on handmade, vintage and craft items, is preparing for an IPO that reportedly could take place as soon as this quarter.  Etsy is working with Goldman Sachs and Morgan Stanley on the offering.

Etsy is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 107 companies organized by investment theme.

BOX Score Revised to 5.60 – Triton Research Dossier Updated

Triton Research updated our Box Inc. report to reflect the Company’s S-1 Amendment on January 9, 2014.  Our company score increased to 5.60 from 5.30.  Box filed to sell 12.5m shares and sees an offering price of $11-$13 per share.  Box will list on the NYSE under the symbol “BOX”.

Triton Research has published a 64-page report on Box, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

BOX Sets IPO Terms: 12.5m Shares at $11-$13 per Share – Triton Research Score Under Review

Box Inc. filed an amended registration with the SEC for an IPO of its Common Stock.  The company plans to sell 12.5m shares and sees an offering price of $11 – $13 per share.  Box plans to list on the NYSE under the symbol “BOX”.

Triton Research has published a 64-page report on Box Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

IPO Filing – Inovalon Holdings, Inc.

Inovalon Holdings, Inc., a healthcare data integration, analytics and health process management software company, filed to raise $500m in an initial public offering. The Company operates in the U.S. and has booked $336m in LTM Revenue with a 11% ’12-’13 Rev CAGR.

Current Inovalon investors include Keith Dunleavy, Andre Hoffmann, Rick Lasch, and Suzanne Lasch.  Goldman Sachs, Morgan Stanley, and Citigroup have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on February 5, 2015.

HORTONWORKS Scored 5.11 – Triton Research Dossier Published

The Triton Research Dossier on Hortonworks, Inc. has been published.  According to the Dossier, Hortonworks is a young company with limited (product launched 2012) and poorly-disclosed operating metrics.  Although management is considered strong, the Company has significant ownership among “customers” including Yahoo! and HP.  Hortonworks produces large ongoing net losses and negative free cash flow – it is difficult to understand how this Company will get to profitability.  One potential tailwind for Hortonworks is its deal dynamics – the offering is relatively small, its syndicate and lead VC investor are strong, and insider buying is backed into the transaction.  Ultimately if Hadoop becomes as important as Linux and if Hortonworks executes, then Hortonworks could become something like Red Hat…however the deal is priced at Red Hat’s current multiple.

Triton Research has published a 56-page report on Hortonworks containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

NEW RELIC Updates IPO Price Range to $20-22 from $18-20

New Relic filed an S-1 Amendment increasing the Company’s IPO price range to $20-$22 from the previous range of $18-$20.  New Relic is still slated to price on December 12, 2014 and will trade on the NYSE under the symbol “NEWR”.

Triton Research published a 54-page report on New Relic containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

LENDING CLUB Updates IPO Price Range to $12-14 from $10-12

Lending Club filed an S-1 Amendment this morning increasing the Company’s IPO price range to $12-$14 from the previous range of $10-$12.  Lending Club is still slated to price on December 11, 2014 and will trade on the NYSE under the symbol “LC”.

Triton Research published a 53-page report on Lending Club containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

ONDECK CAPITAL Score Remains 7.21 – Triton Research Dossier Updated

Triton Research updated our OnDeck Capital Inc. report to reflect the Company’s S-1 Amendment on December 4, 2014.  Our company score did not change from a previous report published on November 21, 2014.  OnDeck plans to sell 10m shares and sees an offering price of $16-$18 per share.  OnDeck will list on the NYSE under the symbol “ONDK”.

Triton Research has published a 59-page report on OnDeck Capital Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

ONDECK Sets IPO Terms: 10m Shares at $16 – $18 per Share – Triton Research Score Under Review

OnDeck Capital Inc. filed an amended registration with the SEC for an IPO of its Common Stock.  The company plans to sell 10m shares and sees an offering price of $16-$18 per share.  OnDeck will list on the NYSE under the symbol “ONDK”.

Triton Research has published a 59-page report on OnDeck Capital Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

CONNECTURE Score Revised to 6.53 – Triton Research Dossier Updated

Triton Research updated our recent Connecture Inc. report to reflect the Company’s S-1 Amendment on December 2, 2014.  Our company score increased to 6.53 from 6.29.  Connecture filed to sell 5.77m shares and sees an offering price of $12-$14 per share.  Connecture will list on the Nasdaq Exchange under the symbol “CNXR”.

Triton Research has published a 56-page report on Connecture Inc. containing product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

WORKIVA Score Revised to 6.07 – Triton Research Dossier Updated

Triton Research updated our recent Workiva Inc. report to reflect the Company’s S-1 Amendment on December 1, 2014.  Our company score increased to 6.07 from 5.98.  Workiva filed to sell 7.2m shares and sees an offering price of $13-$15 per share.  Workiva will list on the NYSE under the symbol “WK”.

Triton Research has published a 55-page report on Workiva Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

LENDING CLUB Score Revised to 7.60 – Triton Research Dossier Updated

Triton Research updated our recent Lending Club report to reflect the Company’s S-1 Amendment on December 1, 2014.  Our company score decreased to 7.60 from 8.05.  Lending Club filed to sell 57.7m shares and sees an offering price of $10-$12 per share.  Lending Club will list on the NYSE under the symbol “LC”.

Triton Research has published a 53-page report on Lending Club containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

CONNECTURE Sets IPO Terms: 5.77m Shares at $12-$14 per Share – Triton Research Score Under Review

Connecture Inc. filed an amended registration with the SEC for an IPO of its Common Stock.  The company plans to sell 5.77m shares and sees an offering price of $12-$14 per share.  Connecture will list on the Nasdaq Exchange under the symbol “CNXR”.

Triton Research has published a 54-page report on Connecture containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

NEW RELIC Scored 7.31 – Triton Research Dossier Published

The Triton Research Dossier on New Relic, Inc. has been published.  According to the Dossier, New Relic offers a great product in a nascent market under a SaaS business model.  Customers love New Relic’s product and the company has seen substantial revenue growth (FY12-FY14 CAGR 133%).  The Company also benefits from a product-focused founding CEO and an impressive investor base and board.  However, New Relic’s SaaS business model is suboptimal and the company has experienced rising customer acquisition costs with uneven economies of scale.  New Relic would ideally comp to Tableau (TR Score 7.68), except that Tableau sells to a broader market and receives upfront payment.

Triton Research has published a 54-page report on New Relic containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

NEW RELIC Sets IPO Terms: 5m Shares at $18-$20 per Share – Triton Research Report Out Shortly

New Relic Inc. filed an amended registration with the SEC for an IPO of its Common Stock.  The company plans to sell 5.0m shares and sees an offering price of $18-$20 per share.  New Relic plans to list on the NYSE under the symbol “NEWR”.

Triton Research will be out with a comprehensive Dossier later today.  The report will include a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

WORKIVA Sets IPO Terms: 7.2m Shares at $13-$15 per Share – Triton Research Score Under Review

Workiva Inc. filed an amended registration with the SEC for an IPO of its Common Stock.  The company plans to sell 7.2m shares and sees an offering price of $13-$15 per share.  Workiva plans to list on the NYSE under the symbol “WK”.

Triton Research has published a 54-page report on Workiva Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

LENDING CLUB Sets IPO Terms 57.7m Shares at $10-$12 per Share – Triton Research Score Under Review

Lending Club filed an amended registration with the SEC for an IPO of its Common Stock.  The company plans to sell 57.7m shares and sees an offering price of $10-$12 per share.  Lending Club plans to list on the NYSE under the symbol “LC”.

Triton Research has published a 53-page report on Lending Club containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Lending Club Boosts Size of Planned IPO

Lending Club has reportedly increased the size of its planned IPO to $650m as it prepares to launch investor meetings next week.  The peer-to-peer lending company initially aimed to sell ~500m worth of stock.  The FT claims that the company will likely set a valuation range that starts at $3.8bn – Lending Club’s value during its final private financing round earlier this year – and then adjust the pricing based on investor demand.  Lending Club filed to go public in August and said in October that it would trade on the NYSE under the ticker symbol “LC.” 

Triton Research has published a 53-page report on Lending Club containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

OnDeck Capital Scored 7.21 – Triton Research Dossier Published

The Triton Research Dossier on OnDeck Capital, Inc. has been published.  According to the Dossier, OnDeck makes loans to small businesses using its online platform and proprietary credit scoring.  This market has historically been characterized by fragmented providers, shady practices and astonishingly high interest rates.  OnDeck has high growth rates, significant repeat business, and is able to charge high interest rates due to the nature of their SMB clients.  In addition, customer acquisition cost trends are positive.  However, unlike Lending Club and other P2P marketplaces, OnDeck  takes capital risk.  The Company’s high interest rates may create vulnerability to competition from lower-rate providers.  OnDeck also operates in a regulatory grey area and is potentially subject to regulation from numerous agencies and states.  OnDeck represents a better solution than traditional small business lending options, but is structurally a completely different animal than Lending Club and may face obstacles to scale.

Triton Research has published a 59-page report on OnDeck Capital, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

MediaMath and Turn Listed as Potential Yahoo Acquisition Targets

Two Triton Research IPO Watchlist companies – MediaMath and Turn – are reportedly being vetted by Yahoo as a potential acquisition targets.

Both companies operate in the fast-growing market for programmatic ad buys.  MediaMath acquired Rare Crowds last week and raised a $73.5m series C financing round in June.  Turn has raised a total of $135m following its $80m Series E funding in January.

MediaMath and Turn are members of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 102 companies organized by investment theme.

CONNECTURE Scored 6.29 – Triton Research Dossier Published

The Triton Research Dossier on Connecture, Inc. has been published.  According to the Dossier, Connecture operates in a large and growing market with few competitors, but the Company’s poor disclosure makes it impossible to understand its prospects. Connecture has large customer wins including a component of the Medicare platform, is growing fast, and has shown significant improvement in operating margins. But the Company suffers from high customer concentration and is still losing money. The lack of customer information disclosed should be a major concern for investors and prevents a full analysis of the Company – it remains unclear if Connecture can become profitable.

Triton Research has published a 54-page report on Connecture, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Lending Club Seeking A Buyer

Lending Club is reportedly looking for a buyer.  According to PE HUB, the company is pursuing a dual track process and Goldman Sachs (an underwriter on the IPO) is advising on the sale.  The peer-to-peer lending company filed to go public in August and said in October that it would trade on the NYSE under the ticker symbol “LC.”

Triton Research has published a 53-page report on Lending Club containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

BrightRoll Bought by Yahoo

BrightRoll, a cross-platform digital video advertising service, was acquired by Yahoo for $640mn in cash.  The deal is expected to close in Q1 2015.

BrightRoll is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 103 companies organized by investment theme.

IPO Filing – OnDeck Capital

OnDeck Capital, an alternative lender that uses new technology to make small business loans, just filed an S-1 for a $150m IPO.  The company plans to list on the NYSE under the symbol “ONDK.”

OnDeck is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 102 companies organized by investment theme.

IPO Filing – Hortonworks Inc.

Hortonworks Inc., a support and consulting services provider for the Apache Hadoop data platform, filed to raise $100m in an initial public offering. The Company operates primarily in the U.S. and has booked $42m in LTM Revenue with a 568% ’12-’13 Rev CAGR.

Current Hortonworks investors include Benchmark, Yahoo!, Index Ventures, Teradata, and Hewlett-Packard Company.  Goldman Sachs and Credit Suisse have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on December 12, 2014.

IPO Filing – Momo Inc.

Momo Inc., a Chinese social network for use on mobile devices, filed to raise $300m in an initial public offering. The Company operates in China and has booked $17,015m in LTM Revenue.

Current Momo investors include Gallant Future Holdings, Joyous Harvest Holdings, First Optimal Holdings, Alibaba, Matrix Partners China, Sequoia, and Rick Moon.  Morgan Stanley, Credit Suisse, J.P. Morgan, and China Renaissance Securities Hong Kong have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on December 11, 2014.

IPO Filing – New Relic

New Relic, Inc., a software analytics company, filed to raise $100m in an initial public offering. The Company operates worldwide and has booked $85m in LTM Revenue with a 133% ’12-’14 Rev CAGR.

Current New Relic investors include Benchmark Capital Partners, Insight Venture Partners, Trinity Ventures, and Tenaya Capital .  Morgan Stanley and J.P. Morgan have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on December 12, 2014.

Private Market Funding Continues To Increase

This was an active weekend for private market fundraising.  Four companies on our Triton Research IPO Watchlist are reportedly close to capital raises at a valuation of over $10 billion.  This extends the recent theme in tech of companies raising money privately instead of going public.

Uber is in talks with new and existing investors to raise at least $1bn in equity at up to a $25bn valuation.  This comes after Uber received $1.2bn in funding in June that valued the company at $17bn.

Flipkart Internet is close to raising a round of funding that values the company at more than $10bn.  This is Flipkart’s third financing this year, after it raised $1bn in July at a valuation of $7bn and raised $210m in May at a valuation of $3bn.  It is not clear how much Flipkart is seeking to raise or who the investors are, but some existing investors are said to be participating.

Xiaomi is raising $1.5bn at a valuation of between $40bn and $50bn.  This will be the company’s fifth fundraising exercise.  One of the investors is said to be DST Global.

Snapchat is close to a deal that would value the company at $10-12bn.  Potential investors include Yahoo, Kleiner Perkins Caufield & Buyers, and others.

The Triton Research IPO Watchlist is a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 102 companies organized by investment theme.

Lending Club Releases 10-Q: Triton Research Score Remains 8.05

LendingClub Corporation filed a 10-Q on November 5, 2014 with updated financials for the quarter ended September 30, 2014. The company’s update did not result in a change to Triton Research’s company score of 8.05.

Triton Research has published a 53-page report on Lending Club containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.

Workiva Scored 5.98 – Triton Research Dossier Published

The Triton Research Dossier on Workiva Inc. has been published.  According to the Dossier, Workiva has captured dominant market share with its SaaS solution focused on SEC filings. However, that market is unlikely to grow, expansion outside of the U.S. will be a major challenge, and even our Bull model shows no profit through 2016. Revenue per customer growth has stalled, customer acquisition cost has recently doubled and other operating cost efficiencies have plateaued. The deal only works at the right price – and for a limited time.

Triton Research has published a 54-page report on Workiva Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Roku Planning an IPO

Roku, a set top box maker, is reportedly planning a confidential IPO filing. The company is working with Bank of America and Citi on a deal that would generate proceeds to $150m.

Roku is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 102 companies organized by investment theme.

Yodle IPO Reportedly Delayed

Yodle Inc. is considering postponing its IPO to 2015 because of volatile market conditions.  The Company, which filed to go public on July 8, 2014, is reportedly now looking to raise private capital at a $500m valuation.

Triton Research has published a 52-page report on Yodle Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

IPO Filing – Connecture Inc.

Connecture Inc., a developer of software platforms for health-insurance distribution and consumer health-insurance shopping, filed to raise $86m in an initial public offering. The Company operates in the U.S. and has booked $74m in LTM Revenue with a 97% ’12-’13 Rev CAGR.

Current Connecture investors include Great Point Partners, Chrysalis Ventures, SSM Partners, LiveOak Equity Partners.  Morgan Stanley and J.P. Morgan have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on November 21, 2014.

BrightRoll in Talks to be Bought by Yahoo

Yahoo is reportedly in talks to buy BrightRoll, a cross-platform digital video advertising service.  Reports suggest a that term sheet has been signed that values BrightRoll at $700 – $725m.

BrightRoll is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 99 companies organized by investment theme.  For more information about the Triton Research IPO Watchlist please contact Kaylan Tildsley at(212) 804-6151.

IPO Filing – Workiva, Inc.

Workiva, Inc., a developer of cloud-based enterprise document collaboration and analytics software, filed to raise $100m in an initial public offering. The Company operates primarily in the U.S. and has booked $106m in LTM Revenue with a 139% ’11-’13 Rev CAGR.

Current Workiva  investors include Bluestem Capital.  Morgan Stanley and Credit Suisse have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on November 20, 2014.

LENDING CLUB Announces Listing Details

LendingClub Corporation filed an amended S-1 announcing plans to list on the NYSE under the symbol “LC.”

Triton Research has published a 53-page report on Lending Club containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more. For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Box, Inc. delaying IPO until January 2015

Box, Inc. is reportedly delaying its initial public offering until January 2015.  The company filed for an IPO in March but raised $150mn in July at a $2.4bn valuation.  This news comes after Box reached a deal to acquire MedXT, a cloud software company that specializes in medical imagery, on Thursday.

Triton Research has published a 64-page report on Box, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

ZAYO Score Revised to 6.69 – Triton Research Dossier Updated

Triton Research updated our recent Zayo Group Holdings report to reflect the Company’s S-1 Amendment on October 6, 2014.  Our score decreased to 6.69 from 7.05.  Zayo plans to sell 28.9m shares and sees an offering price of $21-$24 per share.  The company will list on the NYSE under the symbol “ZAYO”.

Triton Research has published a 71-page report on Zayo Group Holdings containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

HUBSPOT Revises IPO Terms: 5m Shares at $22-$24 per Share

Hubspot Inc. raised the proposed deal size for its upcoming IPO. The company now plans to offer 5m shares at a range of $22-$24.  Hubspot had previously filed a range of $19-$21 per share.  The company plans to list on the NYSE under the symbol “HUBS”.

Triton Research has published a 60-page report on Hubspot Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

ZAYO Sets IPO Terms: 28.9m Shares at $21-$24 per Share – Triton Research Score Under Review

Zayo Group Holdings filed an amended registration with the SEC for an IPO of its Common Stock.  The company plans to sell 28.9m shares and sees an offering price of $21-$24 per share.  The company plans to list on the NYSE under the symbol “ZAYO”.

Triton Research has published a 71-page report on Zayo Group Holdings containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Box Inc. Delays IPO Until 2015

Box Inc. is reportedly delaying its initial public offering until 2015 due to volatile market conditions. The company filed for an IPO in March but raised $150m in July at a $2.4b valuation. At the time it was reported that Box still planned to go public in 2014, but that now appears to no longer be the case.

Triton Research has published a 64-page report on Box Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Good Technology Fundraising

Good Technology announced this afternoon that it has raised $80m from new investors.   According to CEO Christy Wyatt this funding does not change the company’s plan to go public.  Good Technology filed an S-1 for an initial public offering back on May 14, 2014.

 Triton Research has published a 67-page report on Good Technology Co. containing comparative analyses, bull vs. bear case scenarios, questions for management, historical capitalizations, product analysis, business model analysis, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

OnDeck Files Confidential S-1

OnDeck Capital, an alternative lender that uses new technology to make small business loans, has reportedly filed a confidential S-1 for an IPO.  The document was submitted last month and names Morgan Stanley as the lead banker on the deal.

OnDeck Capital is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104-companies organized by investment theme.

HUBSPOT Score Revised to 7.18 – Triton Research Dossier Updated

Triton Research updated our recent HubSpot report to reflect the Company’s S-1 Amendment filed this morning.  Our Score increased to 7.18 from 7.10.  HubSpot plans to sell 5m shares and sees an offering price of $19 – $21 per share.  The Company plans to list on NYSE under the symbol “HUBS.”

Triton Research has published a 52-page report on HubSpot, Inc. containing a bottom-up financial model, product analysis, business model, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

HUBSPOT Sets IPO Terms: 5m Shares at $19-$21 per Share – Triton Research Score Under Review

HubSpot, Inc. filed an amended registration with the SEC for an IPO of its Common Stock earlier this morning. The company plans to sell 5m shares and sees an offering price of $19-$21 per share.  The company plans to list on the NYSE under the symbol “HUBS”.

Triton Research has published a 60-page report on HubSpot, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Zayo Group Holdings Files Amended S-1

Zayo Group Holdings filed an amended S-1 with updated financials and metrics for the fiscal year ended on June 30, 2014.  The company also announced plans to list on the NYSE under the symbol “ZAYO”.

Triton Research has published a 71-page report on Zayo Group Holdings containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

HUBSPOT, Inc. Scored 7.1 – Triton Research Dossier Published

The Triton Research Dossier on HubSpot, Inc. has been published.  According to the Dossier, Hubspot, Inc. is another AdTech platform, similar to Marketo, that helps SMBs with online marketing.  The SaaS model is attractive, revenue has scaled to over $100m, and the company has built a large salesforce.  But competitive differentiation will remain a challenge in this crowded market and we do not expect to see a profit in the forecast periods of 2015 and 2016.

Triton Research has published a 60-page report on Hubspot, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

WAYFAIR Scored 6.13 – Triton Research Dossier Updated

Triton Research updated our recent Wayfair report to reflect the Company’s S-1 Amendment on September 19, 2014.  Our score increased from 6.13 from 5.95.  Wayfair plans to sell 11m shares and sees an offering price of $25 – $28 per share.  The company plans to list on the NYSE under the symbol “W”

Triton Research’s updated Wayfair report is 52 pages an contains a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

WAYFAIR Sets IPO Terms: 11m Shares at $25-$28 per Share – Triton Research Score Under Review

Wayfair Inc. filed an amended registration with the SEC for an IPO of its Common Stock. The company plans to sell 11m shares and sees an offering price of $25-$28 per share.  The company plans to list on the NYSE under the symbol “W”.

Triton Research published a 54-page report on Wayfair, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

LENDING CLUB Scored 8.05 – Triton Research Dossier Published

The Triton Research Dossier on LendingClub Corp. has been published. According to the Dossier, Lending Club shows the power of narrowly-focused online marketplaces.  In the same way the Uber’s marketplace functionality is designed specifically for auto transport and GrubHub’s is designed for food delivery, Lending Club has developed a comprehensive solution that allows parties that do not know each other to borrow and lend money safely and conveniently.  Lending Club’s model offers attractive margin, scale and risk characteristics to the Company, addresses an enormous opportunity, and represents a viable threat to established bank and credit card incumbents.  Lending Club operates in a regulatory grey area as it is not a bank or a broker-dealer, which can be a benefit and also a risk.  The Company is the largest peer-to-peer lender in the U.S. by far.  At 8.05 it is the 2nd highest overall score since Triton Research began scoring IPO companies 18 months ago.

Triton Research has published a 53-page report on Lending Club containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Alibaba Scored 7.1 – Triton Research Dossier Published

Triton Research updated our May report on Alibaba Group Holding to reflect the Company’s S-1 Amendment on September 5, 2014.  Alibaba plans to sell ~320m ADS and sees an offering price of $60-$66 per share.  The company will list on the NYSE under the symbol “BABA”. 

Triton Research’s updated Alibaba report is 114 pages and contains comparative analyses, bull vs. bear case scenarios, questions for management, historical capitalizations, product analysis, business model analysis, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Ebates Bought By Rakuten For $1 Billion

Ebates, a US rebate site, is being bought by Rakuten, a Japanese e-commerce firm, for $1 billon. Rakuten will retain 100 percent of Ebates’ outstanding voting stock when the deal completes.  San Francisco-based Ebates offers a website that offers customers a way to earn cash back when shopping online at over 2,600 stores.  With the acquisition, Rakuten now has a new entry point into the U.S.’s growing e-commerce market.

Ebates is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 104 companies organized by investment theme.  For more information about the Triton Research IPO Watchlist please contact Kaylan Tildsley at (212) 804-6151.

ALIBABA Sets IPO Terms: 320mn ADS at $60-$66 per Share – Triton Research Score Under Review

Alibaba Group Holding Ltd. filed an amended registration with the SEC for an IPO of its Common Stock.  The company plans to sell 320m ADS and sees an offering price of $60-$66 per share. The company plans to list on the NYSE under the symbol “BABA.”

Triton Research published a 115-page report on Alibaba on May 20, 2014 – this report will be updated to reflect the deal terms.  The Dossier contains a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

IPO Filing – Upland Software, Inc.

Upland Software, Inc., a cloud-based project management and collaboration software company, filed to raise $50m in an initial public offering. The Company operates in the U.S. and has booked $54.4m in LTM Revenue with a 81% ’11-’13 Rev CAGR.

Current Upland Software investors include ESW Capital, Austin Ventures, Activant Solutions. William Blair and Raymond James have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on October 6, 2014.

Wayfair, Inc. Scored 5.95 – Triton Research Dossier Published

The Triton Research Dossier on Wayfair, Inc. has been published. According to the Dossier, Wayfair has captured a leadership position in the online furniture/home goods vertical. The Company has solid founding management and has grown to scale in a very capital efficient way. Although Wayfair’s customer acquisition has been successful, the Company controls neither product manufacturing nor logistics and distribution, and is therefore less defensible than a vertically-integrated e-commerce platform. Investors will also be concerned about future profitability, as well as poor disclosure and a dual-class stock structure. Wayfair’s Triton Research Score of 5.95 is below average for tech IPOs scored by Triton Research generally, and zulily (7.38) in particular.

Triton Research has published a 54-page report on Wayfair containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more. For pricing information please contact Kaylan Tildsley at (212) 804-6151.

IPO Filing – Lending Club Corp.

Lending Club Corp., an online credit marketplace, filed to raise $500m in an initial public offering. The Company operates in the U.S. and has booked $148m in LTM Revenue with a 180% ’11-’13 Rev CAGR.

Current Lending Club investors include Norwest Venture Partners, Canaan Partners, Foundation Capital, Morgenthaler Partners and Google. Morgan Stanley and Goldman Sachs have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on September 29, 2014.

IPO Filing – Hubspot, Inc.

Hubspot, Inc., a marketing management, automation and analytics software company, filed to raise $100m in an initial public offering. The Company operates worldwide (customers in 70 countries) and has booked $94m in LTM Revenue with a 65% ’11-’13 Rev CAGR.

Current Hubspot investors include General Catalyst Partners, Matrix Partners, Scale Venture Partners, Sequoia Capital and Charles River Ventures. Morgan Stanley and J.P. Morgan have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on September 26, 2014.

Google Provides Heavy Competition for Box

Today Google announced that its business-focused storage and collaboration product Google Drive for Work is seeing 1,800 new customers per week. Google also stated the service achieved 99.985% availability for the year.  These metrics are impressive and should increase pressure on cloud storage competitors such as Box.  Importantly, this news comes after Box’s amended S-1 filing and Q115 financial update on July 7, 2014.

Triton Research has published a 64-page report on Box, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information please contact Kaylan Tildsley at (212) 804-6151.

Zayo Group Holdings, Inc. Scored 7.05 – Triton Research Dossier Published

The Triton Research Dossier on Zayo Group Holdings, Inc. has been published. According to the Dossier, Zayo Group generates over $1b in revenue and exhibits impressive customer retention and per customer revenue growth. Management is solid and has used prior telecom experience to build the business in a relatively short amount of time. Zayo has been acquisitive (completed 30 acquisitions), so it will be difficult to estimate the real profitability of the company once its growth rate normalizes. Other issues for Zayo include its $2,970.7m in total debt (as of Mar. 31, 2014) and the possibility of issues arising in the overall telecom industry.

Triton Research has published a 71-page report on Zayo Group Holdings containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more. For pricing information please contact Kaylan Tildsley at (212) 804-6151.

IPO Filing – Wayfair, Inc.

Wayfair, Inc., an online retailer of furniture, décor, and home improvement goods (also a company on Triton Research’s IPO Watchlist), filed to raise $350m in an initial public offering. The Company operates globally and has booked $1,107m in LTM Revenue with a 33% ’11-’13 Rev CAGR.

Current Wayfair investors include Great Hill Partners, HarbourVest Partners, Battery Ventures, Spark Capital, and T. Rowe Price. Goldman Sachs, Bank of America, Citigroup, and Allen & Co. have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on September 18, 2014.

Flurry Bought by Yahoo

Flurry, a San Francisco-based mobile ads and analytics company, was purchased by Yahoo on July 21, 2014.  The companies did not disclose financial details but reports have cited a purchase price of $200m.  This acquisition marks Yahoo’s boldest push yet into mobile advertising, a $32.7b market dominated by Google Inc. and Facebook Inc.

Flurry, which was founded in 2005, creates tools to help marketers determine which of their mobile ads work the best with iPhone and Android users. To date Flurry has raised $62.5m from investors, including First Round Capital, InterWest Partners, Draper Fisher Jurvetson and Borealis Ventures.

Flurry is a member of the Triton Research IPO Watchlist, a continuously updating database of companies we expect to either IPO or be acquired.  The current IPO Watchlist is comprised of 105 companies organized by the following investment themes: Big Data, Cloud, Publishing, Hardware, Local, Social, Mobile, and Commerce.

Source: http://online.wsj.com/articles/yahoo-to-pay-more-than-200-million-to-acquire-flurry-1405976766

Yodle Inc. Scored 6.78 – Triton Research Dossier Published

The Triton Research Dossier on Yodle, an online marketing software company, has been published.  According to the Dossier, Yodle is a better-than-average software company operating in a difficult space.  Management has been volatile and made some questionable decisions, but Yodle’s financials are impressive given its SaaS model – the Company has had positive free cash flow since 2011.  Additionally, Yodle’s client base is comprised of small businesses, which is an attractive client category with low penetration.  Yodle’s best public comp – Marketo – has traded well since its IPO.

Triton Research has published a 52-page report on Yodle, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  For pricing information, please contact Kaylan Tildsley at 212-804-6151.

Alibaba Deal Timing

Alibaba Group Holding Ltd. is reportedly waiting until after Labor Day to begin its IPO Roadshow.  Bloomberg, citing a person familiar with the matter, is reporting that Alibaba will now wait until September.  This contradicts recent speculation that the deal would price on August 8, 2014.

Source: http://www.bloomberg.com/news/2014-07-17/alibaba-waiting-until-after-labor-day-to-begin-ipo-roadshow.html

Triton Research published a 115-page report on Alibaba on May 20, 2014.  The Dossier contains a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.

TubeMogul Price Range Change

TubeMogul, Inc. revised its IPO price range lower to $7-$8 per share from $11-$13 per share today.  The company still plans to sell 6.25 million shares and list on the NASDAQ under the symbol “TUBE.”  The amended filing also includes $5m of insider buying from Trinity Ventures, bringing insider buying to 53% of the total offering.

Triton Research has published a 53-page report on TubeMogul, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.

Line Corp. Applies for IPO

Line Corp. – a company on Triton Research’s IPO Watchlist – applied for an initial public offering valued at nearly $10 billion.

Line, the developer of a popular Japanese messaging app, is owned by South Korea’s Naver Corp.  The company reportedly hired Nomura and Morgan Stanley to manage the IPO in Tokyo and is also considering listing in New York. Line reported revenue of $508 million, in 2013.

Box, Inc. Conference Appearance

Box, Inc. CEO Aaron Levie will be speaking at the Fortune Brainstorm Tech Conference in Aspen today.  This public appearance indicates that the Company doesn’t consider SEC quiet period rules a factor for its IPO in registration and a Box IPO is not occurring anytime soon.

Conference Agenda: http://www.fortuneconferences.com/brainstorm-tech-2014/2014-agenda-overview/

Alibaba F-1/A Filing

Alibaba Group Holding Ltd. filed an amended F-1 on July 11, 2014. While the Company did not disclose a price range or provide timing information about their impending IPO, Alibaba did provide additional details about its corporate legal structure, board of directors, its relationship with Alipay, and various investments.

Triton Research has published a 113-page report on Alibaba Group Holding Ltd. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  Triton Research originally published the report on May 20, 2014.

TubeMogul Scored 5.83 – Triton Research Dossier Published

The updated Triton Research Dossier on TubeMogul,  a real-time video advertising platform, has been published. TubeMogul, Inc. filed an amended registration with the SEC for an IPO of its Common Stock on July 7, 2014. The company plans to sell 6.25 million shares and sees an offering price of $11 to $13 per share.  The company plans to list on the NASDAQ under the symbol “TUBE.”

Triton Research has published a 53-page report on TubeMogul, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  Triton Research originally published the report on April 11^th, but has updated it to reflect TubeMogul’s recent SEC filing. 

Tech IPO Filing – Zayo Group Holdings

Zayo Group Holdings, a U.S. Telecommunications infrastructure provider (cell tower, fiber optics, ethernet, and dedicated wavelength connection hardware), filed to raise $100m in an initial public offering. The Company operates in the U.S. and Europe and has booked $1,088m in LTM Revenue with a 89% ’11-’13 Rev CAGR.

Current Zayo investors include Battery Ventures, Charlesbank Capital Partners, Columbia Capital, GTCR, M/C Partners, and Oak Investment Partners.  Morgan Stanley, Barclays and Goldman Sachs have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on August 4, 2014.

Tech IPO Filing – Yodle

Yodle, a marketing automation software developer, filed to raise $75m in an initial public offering. The Company operates in the U.S. and Canada and has booked $172m in LTM Revenue with a 36% ’11-’13 Rev CAGR.

Current Yodle investors include Bessemer Venture Partners, Draper Fisher Jurvetson, and JAFCO Technology Partners .  Credit Suisse and Deutsche Bank have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on August 11, 2014.

TubeMogul Sets IPO Terms: 6.25m Shares at $11 – $13 per Share

TubeMogul, Inc. filed an amended registration with the SEC for an IPO of its Common Stock.  The company initially filed an S-1 on March 26, 2014.  The company plans to sell 6.25 million shares and seeks an offering price of $11 to $13 per share.  The company plans to list on the NASDAQ under the symbol “TUBE.”

Tech IPO Filing – iDreamSky Technology

iDreamSky Technology, a Chinese mobile game publisher, filed to raise $115m in an initial public offering. The Company operates in China and has booked $64m in LTM Revenue with a 1172% ’12-’13 Rev CAGR.

Current iDreamSky investors include Tencent Holdings, LC Fund, and Redpoint Ventures.  Credit Suisse and J.P. Morgan have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on August 4, 2014.

Tech IPO Filing – Yodlee

Yodlee, a financial services app developer, filed to raise $75m in an initial public offering.  The American company operates globally and has booked $74.5m in LTM Revenue with a 13.5% ’11-’13 Rev CAGR.

Current Yodlee investors include Warburg Pincus, Bank of America, Institutional Venture Partners, ACI Worldwide Corp. and Accel Partners.  Goldman Sachs, Credit Suisse, Bank of America, UBS and Pacific Crest have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on August 2, 2014.

Triton Research Dossier Published – GoDaddy, Inc.

Triton Research initiated on GoDaddy, a subscription web service provider.  According to the Dossier, GoDaddy is the clear domain marketplace leader (21% of global domains), but recent competitive (Google) and internal (CEO removal) changes could impact its market positioning.  GoDaddy’s financials are complicated because it takes payment for services upfront – therefore the Company is growing and generates solid cash flow, but its net income is very negative.  Finally, the deal itself is complex given it is a PE-backed story following its LBO in 2011.

Triton Research has published a 59-page report on GoDaddy, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.  Please contact Triton Research for more information.

Tech IPO Filing – Cyber-Ark Software

Cyber-Ark Software, an enterprise security software company provider, filed to raise up to $100m in an initial public offering.  The Israel-based company operates globally and has booked $71m in LTM Revenue with a 22% ’11-’13 Rev CAGR.

Current Cyber-Ark investors include Jerusalem Venture Partners, Goldman Sachs, and Vertex Venture Capital.  J.P. Morgan, Deutsche Bank and Barclays have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on July 26, 2014.

GoDaddy Competitor

Google has begun testing a service for registering website domains.  This product should directly compete with GoDaddy and will likely have implications for the Company’s pending IPO.

Sources: https://domains.google.com/about//

http://www.theverge.com/2014/6/23/5835560/google-launches-domain-registration-service

Triton Research will be publishing a comprehensive Dossier on GoDaddy by the end of this week.

Etsy makes its largest acquisition to date

Etsy, an online marketplace, acquired A Little Market, a French online marketplace for handmade items. This is Etsy’s sixth and largest acquisition to date. Etsy has received $97.3m in funding so far from Accel Partners, Union Square Ventures, and other investors.

Spotify conducting practice earnings calls

Spotify, the streaming music service, is reportedly conducting practice earnings calls. This is being viewed by investors as a sign that the Company is preparing for a potential IPO.

Box Fundraising

Box is reportedly exploring the possibility of raising $100m or more from private investors ahead of its planned initial public offering.  Sources say the Company is in the early stages of talks with private equity firm TPG.  TPG would be a new investor in Box.

Source: http://recode.net/2014/06/20/box-may-raise-100-million-or-more-before-ipo/

Triton Research has published a 66-page report on Box, Inc. containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.

InMobi in discussions with two new investors

InMobi, an Indian mobile advertising company, is reportedly in discussions with two new investors.  The Company is looking to raise up to $300m in an investment that would value the ad agency at $1.5-$2b.  InMobi last raised $200m from Japan’s SoftBank in 2011, when it was valued at around $1b.

Buzzfeed raising a $200mn financing round

Buzzfeed, the news and trend-tracking site known for its viral content, is reportedly raising a financing round of $200m. This would be the Company’s fifth equity round. Buzzfeed’s $19m round in 2013 was rumored to be raised at a $200m valuation.

Freshdesk raises $31m

Freshdesk, an online customer support platform, raised $31m in a Series D funding round led by existing investor Tiger Global. Existing investor Accel Partners and new investor Google Capital also participated. Freshdesk has now raised a total $44m across four different rounds

GoPro Sets IPO Terms: 17.8mn Shares at $21 – $24 per Share

UCWeb acquired by Alibaba

UCWeb, China’s leading mobile browser and mobile search engine, was acquired by Alibaba on June 10th for an undisclosed amount. Alibaba previously held a 66% stake in UCWeb and also participated in several fundraising rounds. This deal builds up Alibaba’s mobile strategy and makes it a more formidable competitor to Baidu and Tencent.

Tech IPO Filing – GoDaddy

GoDaddy, a subscription web service provider, filed on June 9, 2014 to raise up to $100m in an initial public offering.  The Scottsdale, AZ-based company operates globally (87% of revenue from the US) and has booked $1,188m in LTM Revenue with an 8% ’11-’13 Rev CAGR.

Current GoDaddy investors include Kohlberg Kravis Roberts, Silver Lake, and Technology Crossover Ventures.  Morgan Stanley, JP Morgan, and Citigroup have been selected as lead underwriters for the offering.  Triton Research expects the deal to price on July 11, 2014.

Triton Research Dossier published – GoPro, Inc.

Contact Triton Research for details.

Rovio receives €25m

Rovio, the creator of Angry Birds, received a €25m facility from the European Investment Bank to boost development of its mobile gaming platform and other entertainment services. The Finnish Company has to date raised relatively little venture capital considering its size and trajectory ($42m).

Yext raises $50m

Yext, a content management system for retailers, banks and small businesses, raised $50m in Series F funding on June 4th. The round was led by Insight Venture Partners with participation from Marker, Institutional Venture Partners, and Sutter Hill Ventures. The round reportedly valued Yext at $525m.

MediaMath raises a $73.5m series C financing round

MediaMath, a marketing management platform provider, closed a $73.5m series C financing round, while also increasing its debt facility to $105m. The funding – which will be used to support new international offices and develop new product/features – was led by Spring Lake Equity Partners, with participation from new investor Akamai Technologies, and existing investors Safeguard Scientifics, Catalyst Investors, and Observatory Capital.

Uber raises $1.2b

Uber Technologies Inc. raised $1.2b in a new financing led by Fidelity Investments. The funding puts the Company at a pre-money valuation of ~$17b, up from $3.5b in a financing last year. Other investors in the new round include Wellington Management, Summit Partners, BlackRock Inc., Kleiner Perkins Caufield & Byers, and existing investors such as Google Ventures and Menlo Ventures.

AppDynamics Inc. raises $50m

AppDynamics Inc., whose software is used to monitor and manage complex software environments, raised $50m in venture debt in the form of a mezzanine capital and a revolving credit line on June 2nd. The round was led by Silicon Valley Bank and brings total capital raised by AppDynamics to $136.

MongoDB and Cloudera Inc. announce partnership

MongoDB (valuation $1.2b) and Cloudera Inc. (valuation $4.1b) announced a partnership to pool resources on May 30th. The companies are stepping up their Big Data efforts to take on Oracle and other competitors. Cloudera handles Big Data infrastructure while MongoDB focuses on Big Data applications.

TubeMogul update

The New York Times today published an interview with the CEO of TubeMogul, which would be a clear and obvious violation of SEC quiet period rules if TubeMogul is in fact pursuing an IPO.  We have not seen any filing updates, announcements, press releases or factual changes regarding TubeMogul or its S-1 filing.  This article therefore suggests that TubeMogul’s IPO is either off-track or not happening.

Source: http://www.nytimes.com/2014/05/25/business/corner-office-for-brett-wilson-of-tubemogul-its-all-in-the-follow-through.html?from=business&_r=0

Triton Research has published a 53-page report on TubeMogul containing a bottom-up financial model, product analysis, business model analysis, bull vs. bear case scenarios, comparative analyses, questions for management, historical capitalizations, historical valuations, and more.