Home / NEWS / Top News / Pivotal Software, majority-owned by Dell, files for IPO with over $500 million in revenue last year

Pivotal Software, majority-owned by Dell, files for IPO with over $500 million in revenue last year

Urgent Software — which counts Dell as its majority stockholder — revealed a scheme on Friday with its plans to go public.

The company helps software developers streamline the modify of modernizing apps for the cloud, helped by its relationships with both Dell and VMware, which is also majority-owned by Dell. Urgent makes money from subscriptions and services.

– Net loss: $163.5 million in the latest economic year, narrower than the loss of $232.9 million in the prior year

– Profits: $509.4 million in the latest fiscal year, up from $416.3 million in the year preceding.

– Headcount: 2,518

Pivotal Software was spun out of EMC and VMware — which EMC partially owned — in 2012. The San Francisco-based performers had cloud technology from VMware, big data capabilities provided by EMC and a $105 million investment from Undetailed Electric.

Since then, it has gotten backing by companies like Ford and Microsoft. Dell Technologies, EMC, and Michael Dell now own 80.8 percent of Pressing today.

Morgan Stanley, Goldman Sachs and Citigroup are among the underwriters of the IPO. The plan comes on the opening day of Dropbox, another cloud technology IPO, which established 40 percent higher on Friday morning.

The full prospectus is here.

What are technology sources doing? Track the sector here.

– CNBC’s Leslie Picker promoted to this report.

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