SoftBank-Backed Cohesity Is Said to Work With Banks on IPO

(Bloomberg) -- Cohesity Inc., a data-management software company backed by SoftBank Vision Fund, is working with JPMorgan Chase & Co. and Morgan Stanley on an initial public offering for next year, according to people familiar with the matter.

The company is seeking to be valued in a listing at $5 billion to as much as $10 billion, said the people, who asked not to be identified because the information was private. The company could submit its draft IPO registration to the U.S. Securities and Exchange Commission as soon as this week, the people said.

The banks advising Cohesity also include Bank of America Corp., one of the people said. Cohesity’s plans, including the timing, aren’t final and could still change, the people said.

A spokesperson for Cohesity said the company doesn’t comment on rumor or speculation. Representatives for JPMorgan, Morgan Stanley and Bank of America declined to comment.

Cohesity said in March that it was valued in an investment at $3.7 billion, up from $2.5 billion the previous year. That tender offer for employee shares was being led by Steadfast Capital Ventures, with participation from existing investors, including SoftBank Vision Fund, DFJ Growth, Foundation Capital and Wing Venture Capital, Cohesity founder and Chief Executive Officer Mohit Aron said at the time.

Aron said then that an IPO was “not far off.” Aron previously co-founded enterprise cloud business Nutanix Inc., which went public in 2016.

Cohesity, whose clients include Cisco Systems Inc. and NASA, provides data management services. The San Jose, California-based company says its products can simplify backup and recovery and defend against cybersecurity threats.

This year, Cohesity has announced several enhancements to its services, including the ability to more easily scan for threats as well as what it calls disaster recovery as a service.

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