Siebel’s C3.ai Files for IPO on Heels of Microsoft Partnership

Crystal Tse

16 Nov 2020, 08:47 AM IST

(Bloomberg) -- C3.ai Inc., the software maker founded by former Oracle Corp. executive Tom Siebel, filed Friday for an initial public offering.

The company in its filing with the U.S. Securities and Exchange Commission listed the size of the IPO as $100 million, a placeholder that will likely change.

C3.ai last month formed a partnership with Microsoft Corp. and Adobe Inc. for a new customer-relationship management software seeking to combat Salesforce.com Inc.

For More: Microsoft Joins Adobe, C3.ai to Target Salesforce’s Lead

Siebel founded Siebel Systems, which was acquired by Oracle in 2006. He then held executive roles at Oracle. Siebel and the private equity firm TPG are the biggest owners of C3.ai, according to its prospectus.

C3.ai reported a net loss of $69 million for the year ended in April 30, compared with $33 million the previous year. It said its revenue rose about 71% over the same period.

Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp. are leading the offering. C3.ai is planning to list its shares on the New York Stock Exchange under the symbol AI.