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Database provider MongoDB has filed to go public, confirming reports from a month previously and potentially becoming the third major cloud IPO of 2017 after Okta and Cloudera.<\/p>\n
The SEC filing, available to view here<\/a>, shows MongoDB made $101.4 million in total revenues in the year ending January 31 2017, up 55% from the previous year’s $65.3m, which was up 37% from 2014-15’s $40.8m. Despite total gross profit of $71.4m, total operating expenses of $157.4m puts an overall net loss at $86.7m.<\/p>\n The company’s level of funding sits at more than $300m over six funding rounds – not including two undisclosed ventures – with its valuation sitting at $1.2 billion in 2013.<\/p>\n Continued losses are of course nothing new in this space, yet citing IDC figures of $61.3bn for the global database market, MongoDB cites a ‘highly differentiated business model that combines the developer mindshare and adoption benefits of open source with the economic benefits of a proprietary software subscription business model’ as a primary reason to take the market.<\/p>\n The company’s freemium product, Community Server, has been downloaded more than 30 million times in eight years with a third of that coming in the past 12 months, while 90% of MongoDB’s total revenue comes through subscriptions.<\/p>\n MongoDB cites legacy relationship database software providers – IBM, Microsoft, Oracle ‘and other similar companies’ are in the document – as competitors, as well as non-relational database providers and cloud providers, with Amazon Web Services (AWS), Google Cloud Platform (GCP) and Microsoft Azure cited.<\/p>\n No non-relational database providers were named in the SEC; however it appears MongoDB has beaten Couchbase to the punch for going public for now. In March last year, the Mountain View firm secured a $30 million series F funding round, with CEO Bob Wiederhold telling this reporter<\/a> it would give the company a ‘runway we need to have what we think will be a very successful IPO in the not too distant future.’<\/p>\n Fast forward 15 months, however, and Wiederhold has stepped aside from the CEO chair – although remaining executive chairman – to be replaced by former Veritas president Matt Cain, with no word of a public offering forthcoming.<\/p>\n