Software Maker PagerDuty Files for IPO, Cites 10,800 Clients

(Bloomberg) -- PagerDuty Inc., which makes tools for software developers, filed publicly for a U.S. initial public offering, disclosing growing revenue and losses.

The San Francisco-based company filed with an initial offering size of $100 million, which is typically a placeholder that’s likely to change. The company’s backers include Andreessen Horowitz, Bessemer Venture Partners and Accel. In September, PagerDuty was valued at more than $1 billion after an investment led by T. Rowe Price Group Inc. and Wellington Management.

PagerDuty had a net loss of $34.5 million on net revenue of $84 million for the nine months ended Oct. 31, according to Friday’s filing with the U.S. Securities and Exchange Commission. That compares with a net loss of $30 million on net revenue of $57 million for the same period a year earlier.

The company said it has 10,806 customers in 90 countries, including a third of Fortune 500 companies.

PagerDuty was founded in 2009 and rose to become a leader of a category of software tools known as developer operations. Its service helps alert coders to crashes and other technical problems when they arise.

Bloomberg first reported in January, in the midst of the 35-day U.S. government shutdown, that PagerDuty had filed confidentially for an IPO.

Morgan Stanley, JPMorgan Chase & Co., Royal Bank of Canada and Allen & Co. are leading the offering. The company has applied to list on the New York Stock Exchange under the symbol PD.

--With assistance from Eric Newcomer.

To contact the reporter on this story: Olivia Zaleski in San Francisco at ozaleski@bloomberg.net

To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Michael Hytha, Mark Milian

©2019 Bloomberg L.P.