Open source software company Instaclustr has kicked off investor education meetings this week ahead of its plans for an initial public offering.
Working on the float is Morgan Stanley.
Plans for the float were flagged by DataRoom last year and could see the business list as a company worth about $300m.
Investors are being told that the business is growing its revenue rapidly in a high margin sector and that Instaclustr is a major beneficiary of big data driving demand for technologies to process and store data; applications and databases moving to the cloud; and the growing adoption of open source technologies.
Founded in 2013 by Ben Bromhead and Adam Zegelin, Instaclustr provides support for Apache Cassandra, a NoSQL open source database with users including Apple, Netflix, Spotify and Walmart.
It counts Bailador as an investor from 2016, along with Level Equity.
The company has grown at a rate of 70 per cent since launching in 2014.
Annual recurring revenue on Instaclustr’s managed platform is now at about $20m.
It has about 90 per cent of revenue that is generated outside Australia.
Instaclustr also partners with systems integrators such as Accenture and IBM, aiming to address the data management needs of the global enterprise market.
While the company’s technology operations are in Canberra, the global headquarters are in California, where the founders are now based alongside chief executive Peter Lilley.
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