Enterprise search engine firm Elasticsearch BV Thursday set the price of its shares ahead of its debut on the New York Stock Exchange Friday.
The firm, originally based in Amsterdam but since relocated to California, priced its shares at $33 to $35, up from the original price guidance of $26 to $29 per share. The 7 million shares of common stock raised about $192 million.
Founded in 2012, Elastic is best known as the maker of the Elasticsearch search engine, which indexes internal data for enterprise users in a similar way to which Google LLC indexes the internet.
The Elastic Stack comes with a number of data management tools, including the Kibana visualization tool, the Logstack engine for ingesting records from external sources and Beats, another data aggregation system.
Notably, Elastic’s core offerings are open source. The company makes money with a commercial version that includes advanced features for enterprises, including a machine learning capability added last year that can find anomalies in real-time data streams.
Nicolas Dessaigne, co-founder and chief executive officer of search technology firm Algolia Inc., told SiliconANGLE in an email that data and personalization technologies now sit at the core of what he describes as the digital revolution.
“Customers today want to feel catered to — and we’re seeing enterprises awaken to this movement and invest in technologies that will help them predict what their customers want before they even know it themselves,” Dessaigne said. “This shift is manifesting itself on Wall Street with the recent successful IPO of SurveyMonkey for targeting and segmentation, and today’s IPO from Elastic on the customer engagement front.”
In addition, he said, established players such as Amazon.com Inc. and Google have mastered the art of personalization and catering to their customers needs.
“Amongst these IPOs and market trends, enterprises have spoken,” Dessaigne added. “They are demanding the data and tools to bring this type of intuitive experience to their own digital properties. We look forward to seeing how the presence of these technologies in the stock market will create further incentive to step up technical innovation that will not only benefit investors but also customers seeking a personalized experience.”
Coming into its IPO, Elastic had raised $162 million from investors that include Benchmark, New Enterprise Associates, Index Ventures, SV Angel and Data Collective.
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