initial public offerings (IPOs) trading on American exchanges

Friday, April 20, 2018

Pivotal Software (PVTL) began trading on the NYSE on 20 April 2018

Pivotal Software, Inc. is a software and services company that accelerates and streamlines software development and modernizes legacy applications.
The enterprise cloud computing company has been majority-owned by Dell, which came about after its merger with EMC in 2016. It was spun off from Dell, EMC and VMware in April 2013. After that, it raised $1.7 billion in funding from Microsoft, Ford and General Electric.
  • Headquarters: San Francisco, California
  • Parent organization: Dell Technologies
  • Number of employees: 2,518 (2017)
  • Losses for fiscal 2018 stood at $163.5 million, improved from negative $232.5 million seen in 2017 and $282.5 million in 2016.
  • Priced IPO at $15; raised $555 million

In the S-1 filing, Pivotal acknowledged that it faces competition from “legacy application infrastructure and middleware form vendors” like IBM and Oracle. The company says it additionally competes with “open-source based offerings supported by vendors” like RedHat. Pivotal also faces challenges from SAP Cloud Platform, Amazon Web Services and Microsoft Azure.

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