Software Maker PagerDuty Files Confidentially for IPO
(Bloomberg) -- PagerDuty Inc., which makes tools for software developers, has filed confidentially for an initial public offering, said two people familiar with the matter.
The San Francisco-based company selected Morgan Stanley to lead the offering, said the people, who asked not to be identified because the information is private. Morgan Stanley declined to comment, and PagerDuty didn’t respond to requests for comment.
This year is poised to be busy for IPOs, but the party is on hold due to the partial U.S. government shutdown, the longest of the modern era. The U.S. Securities and Exchange Commission isn’t providing feedback on corporate filings due to a lack of staff, which has left a raft of deals in limbo.
Founded in 2009, PagerDuty 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. PagerDuty offers various services to predict and prevent potential software calamity.
In April, PagerDuty told Bloomberg it was on pace to exceed $100 million in revenue for 2018. Venture capital firms Andreessen Horowitz, Bessemer Venture Partners and Accel Partners are among the company’s backers. In September, PagerDuty was valued at more than $1 billion after an investment led by T. Rowe Price Group Inc. and Wellington Management.
Jennifer Tejada, PagerDuty’s chief executive officer, has said the company is looking to adapt its programmer-centric service for other types of workers, including marketers, IT administrators and executives.
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