The search tech company powering Uber and Tinder just went public — and it popped up 96% in its first day of trading (ESTC)

Elastic founders

  • Elastic — a company that provides search technology to customers like Uber and Tinder  — went public on Friday, and had a first-day pop of 96%. 
  • With its IPO priced at $36 per share, Elastic stock closed at $70.50 on Friday. 
  • Elastic has an impressive portfolio of customers using its technology, including eBay, Barclays, IBM, and Microsoft.

  • Twelve-month revenues were up 87% year-over-year as of April, but by July, the company had an accumulated debt of $236 million.

Elastic — the search technology company powering matches with drivers on Uber and significant others on Tinder — went public on Friday, and roared out of the gate. 

The Mountain View, California based company priced its IPO at $36 per share, giving it a market cap of $2.5 billion.  Not long after the opening bell, its stock shot up over 90% to about $70 per share — and maintained that momentum through the close, ending its first day as a public company up 95.86% to $70.50 per share, valuing the company at at $4.9 billion.

With Google dominating consumer search, Elastic, founded in 2012, focused on selling search technology to large-scale business customers like eBay, Barclays, IBM, and Microsoft. Sprint uses it’s „Elasticsearch“ product for „ingesting, searching, and analyzing“ more than 3 billion records and 50 terabytes of data per day, the company said in its S-1 filing

Elastic’s last 12-month revenue (ending in April) was $149.4 million, up 87% from the year prior. The company lost $49 million on that revenue, compared to $47 million in losses the year prior. 

At the end of July 2018, Elastic had an accumulated debt of $236 million. 

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Source: Business insider

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