Tableau Software Inc., the developer of software that turns complex databases into graphics and maps, is seeking to raise as much as $150 million in an initial public offering.
The Seattle-based company used the amount as a placeholder that’s subject to change, according to a regulatory filing yesterday. Goldman Sachs Group Inc. (GS:US) and Morgan Stanley (MS:US) are the lead underwriters, and the company is applying to list its shares on the New York Stock Exchange under the ticker symbol DATA.
Tableau was co-founded in 2003 by Pat Hanrahan, an Academy Award-winning Stanford University professor whose software has created movie special effects and animations. The company’s products are designed to integrate with a customer’s databases or spreadsheets and help users without programming skills turn columns of numbers into interactive graphics and maps.
More than 10,000 companies, including Bank of America Corp., Coca-Cola Co. (KO:US) and Apple Inc. (AAPL:US), have used Tableau’s products. Competitors include International Business Machines Corp., Microsoft Corp., Oracle Corp. and Qlik Technologies Inc.
The market for business analytics software may grow at a compound annual rate of almost 10 percent through 2016, when it will total $50.7 billion globally, according to researcher IDC.
Tableau’s revenue more than doubled last year to $127.7 million, with 70 percent coming from licenses and the rest from maintenance and services. Almost half of the company’s revenue was spent on sales and marketing expenses and Tableau recorded a $2.88 million provision for income taxes, contributing to a 53 percent decline in profit. Net income fell to $1.6 million, or 1 cent a share, from $3.38 million, or 4 cents, in 2011.
Even with a drop in profit, Tableau is making money, in contrast to other business-software makers that have gone public in the past year. Workday Inc. (WDAY:US), ServiceNow Inc., Splunk Inc. and Model N Inc. all reported annual losses before selling shares.
Tableau’s biggest shareholder is venture capital firm New Enterprise Associates, with a 38 percent stake. Hanrahan owns 18 percent, while co-founders Christopher Stolte and Christian Chabot, who is also chief executive officer, each own more than 15 percent. Meritech Capital Partners controls 6.4 percent.
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