Technology

Sizing up the Dropbox.

The Dropbox (DBX) IPO is well-trod ground at this point. The deal is expected to price on 3/22 and open for trading Friday, 3/23. The company raised the range to $18-20 so we are using the $19 mid-point in our analysis. To add to the general pomp and circumstance, Salesforce (CRM), stepped up to buy…

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Cloud Security with the Zscaler IPO

In case you haven’t noticed we’ve seen an acceleration of enterprise cloud adoption. Stocks like Nutanix (NTNX), Twilio (TWLO), MongoDB (MDB) and Okta (OKTA) have all taken off in the past few weeks on the back of improving fundamentals. The shift is captured in a quote overheard during an industry conversation – “large companies are…

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Can ADT Dance?

ADT Introduction ADT has been around for a long time – they were founded in 1874 and pioneered the current security monitoring business in 1920. They are the giant in the home and commercial security market with over 8 million customers and 18,000 employees in 200 locations. The company has a checkered history – they…

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SendGrid (SEND) a developer-focused email platform.

There’s a growing class of “developer-focused” software infrastructure platforms. It all started with Amazon AWS but since then many companies have taken a similar approach to other areas of software. Other examples included Twilio (TWLO), Stripe (Private), Atlassian (TEAM), MuleSoft (MULE), and GitHub (Private). What distinguishes this type of company? Here’s our list: They can…

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Whirly lollipop on orange background.

MongoDB for Simple and Flexible Enterprise Data Management

[We published this as a subscriber-online note in mid-October.] Most business applications run on relational databases (RDB) from companies like Oracle. There’s a view that RDB is an “old” technology which is true – it came about in 1970 so it’s not new. However, there have been decades of investment in RDB as a platform…

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Roku Ready – Updated

We sent out the ROKU notes below on September 27th but are providing a few UPDATES here: “Splitting the difference” turned out to be about right – it suggested $20/share and that’s where ROKU settled the first day of trading. Since then it’s moved up a bit more to $23. There are some reasons to…

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Tintri Walks like Duck, Talks like a Duck…

There’s huge pressure for large companies to modernize their IT infrastructure in the wake of the “Amazon-ification” of infrastructure by AWS. Tintri (TNTR) is a cloud storage company trying to position themselves as an “enterprise cloud” provider. It’s a smart thing to do but fairly misleading based on their existing revenue and product mix. You…

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Blue Apron needs to be acquired soon.

UPDATE: The Amazon $AMZN Whole Foods acquisition makes this post ring truer. If home delivered meal kits are a $1B+ business how long do you think it will be before Amazon leverages their purchase with this easy add-on? RIP $APRN IPO… Nobody has done a better job at making “meal kits” an actual category in…

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Appian an overhyped but still good enterprise software IPO.

Enterprise software maker Appian (APPN) priced their IPO at $12 yesterday and it traded to $15. It’s a solid deal and still has more upside based on our IV model below. However, we take issue with many of their rather bold claims about their technology and where it fits. Our original notes are below along with some added segments…

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Veritone – AI research going public

If you’re interested in AI then Veritone (NASDAQ: VERI $14-16) is an IPO you’ll want to at least have a look at. It’s a small deal led by three smaller banks – Wunderlich, Craig-Hallum and Northland. The larger firms wouldn’t touch this –  it’s still more like a research project than a company. [UPDATE: Under pressure from…

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