Technology

CrowdStrike Continues the Software Winning Streak

It’s been a hot market for “New Enterprise SaaS” companies and CrowdStrike (CRWD) has added fuel to the fire by pricing their IPO last night at $34 – that compares to the original $19-23 filing range! CrowdStrike has certainly positioned themselves aggressively as the “new enterprise cloud” for information security. By doing so they put…

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Fastly Joins the New Enterprise SaaS Group

The investor love affair with “developer friendly” enterprise SaaS is still in full bloom. The last entry into the market,  Zoom ($ZM), had a stunning debut. Our next contestant is Fastly ($FSLY) which is scheduled to price on Thursday night. We’ve been covering software infrastructure for 30 years. During the past ten (or so) it’s…

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Uber Promulgates Platform Platitudes

Uber Technologies (NYSE: UBER) wants to be positioned as a “platform” company so we’ll grant them their wish and evaluate them from that perspective. As an aside they filed their prospectus as “a prepackaged software” company. The deal will certainly get done as investors are keen to own the clear market leader in this space…

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Zoom Video Technology

This Thursday Zoom Video (NYSE: $ZM) will debut into a red-hot market for enterprise SaaS companies. The most recent, PagerDuty (NYSE: $PD) filed at $19-21, priced at $24 and is now trading close to $40/share. That’s about 25x trailing sales of $118M. That one is hard to buy at these prices. And if Zoom wasn’t…

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PagerDuty for On-Call Management

PagerDuty (NYSE:PD) is out marketing their IPO this week. They are doing a masterful job and positioning themselves as the new “brains” of the online world. You need to do that then you filing range is already at 13x revenues! It is a good story. Maybe not as good as a Twilio (TWLO) but if…

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Lyft Looks Like a Hot Mess

There’s been plenty written about the Lyft IPO (NASDAQ: LYFT) scheduled to price Thursday after the close and open for trading on Friday. Most of the commentary has been about whether or not the Lyft has the ability to make money and if so, what the margins might be. We did include a valuation section…

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Your Father’s Enterprise SaaS Company

SolarWinds (NYSE: SWI $17-19) will be returning to the public markets this week after being taken private by private equity firms Silver Lake and Thoma Bravo in February of 2016 in a $4.5B deal. In the middle of the range, the company would have a market capitalization of $5.4B. Post-IPO these PE companies will still…

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Weaponized Analytics?

This week the deal we are digging into is Anaplan (NYSE: $PLAN) which priced last night at $17, well above the proposed range of $13-15. It’s a good old-fashioned enterprise SaaS company at the highest end of the “enterprise performance management” segment. Earlier this year we saw Adaptive Insights ($ADIN) get snatched from the IPO…

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Super Elastic Bubble Plastic

The Elastic IPO (NYSE: ESTC) will price tonight. The price was bumped up to $33-35 but given the company position in software infrastructure the shares should still perform well from that level. We have our summary comments below but investors in this one will want to review the ESTC prospectus and read our transcript of…

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Ask the Monkey

The much-anticipated SurveyMonkey ($SVMK) IPO is scheduled for tonight. The proposed price range remains $9-11. For a relatively small deal (13.5M shares) there are a lot of banks on the cover – 11 in all with JPM, Allen, and BofA leading the charge. Online surveys are a niche market but SurveyMonkey has emerged as a…

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