Cloud Software Platform Sumo Logic Files for Nasdaq IPO

(Bloomberg) -- Sumo Logic Inc. filed for an initial public offering, betting software-as-a-service can still lure investors now inundated with listings by blank-check companies.

The cloud computing analytics and security software maker is working with Morgan Stanley and JPMorgan Chase & Co. on the listing, according to a filing Monday with the U.S. Securities and Exchange Commission.

Sumo Logic and Unity Software Inc., which also filed for an IPO Monday, are among a flurry of software firms that are expected to unveil their financials this week ahead of planned listings in the fall.

Such companies remain a smaller, but high-performing segment, for IPOs on U.S. exchanges this year, according to data compiled by Bloomberg. As of Aug. 24, shares of 18 companies that raised a combined $5.5 billion were up by an average of 91%.

Sumo Logic reported a net loss of $92.1 million on revenue of $155 million for the year ended in January, compared with $47.8 million on $103.6 million for the same period a year earlier, according to the filing.

The company, based in Redwood City, California, was valued at more than $1 billion when it raised $100 million in 2019, according to a statement at the time. That brought the total amount raised by the company to $325 million.

Founded in 2000, Sumo Logic is backed by Accel Partners, Battery Ventures, DFJ Growth, Franklin Templeton, Greylock Partners, IVP, Sapphire Ventures and Sutter Hill Ventures, according to the prospectus.

Sumo Logic plans to list shares on the Nasdaq Global Select Market under the ticker “SUMO.”

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