Nutanix filed for an initial public offering Tuesday last week, ending months of speculation over when the highly regarded hyper-converged infrastructure startup would decide it's ready for prime time.
In its S-1 filing with the Securities and Exchange Commission, Nutanix said it's looking to raise up to US$200 million in the IPO and will trade under the symbol NTNX.
Nutanix reported US$241.4 million in revenue for its fiscal year ended 31 July, up 90 percent from the previous year. For the quarter ended 31 October, Nutanix reported revenue of US$87.8 million, compared with US$46.1 million during the same period last year.
However, Nutanix - which has landed US$312 million in funding since its founding in 2009 and has a valuation north of US$2 billion - said it has also racked up losses in the course of developing its technology and expanding its sales and marketing coverage.
Nutanix reported a net loss of US$126.1 million in its fiscal 2015, compared with US$84 million in 2014 and US$44.7 million in 2013, according to the S-1 filing. Nutanix had an accumulated deficit of US$312 million as of the end of October.
"We have incurred net losses in all periods since our inception, and we expect that we will continue to incur net losses for the foreseeable future," Nutanix said in the S-1 filing.
Nutanix's employee count has grown from 247 in July 2014 to 1,368 at the end of October. The startup said in the filing that it expects "to have significant headcount increases in the future".
Hyper-converged infrastructure refers to software that combines compute, storage, networking and virtualisation and typically runs on industry-standard x86 servers.
Nutanix's technology is used to build private clouds and also runs on Amazon Web Services and the Google Cloud Platform through a partnership with startup Ravello Systems. Nutanix has OEM agreements with Dell and Lenovo, and it also ships its own appliances on white-box hardware from Supermicro.
Nutanix came out of stealth in 2011 and was a close partner of VMware early on. But over time, Nutanix has morphed into something resembling a full-blown competitor.
In June, Nutanix unveiled its own KVM-based server virtualisation hypervisor and management software, along with technology that automatically migrates VMware-based workloads to KVM and Microsoft Hyper-V.
Nutanix's other competitors, as listed in the S-1, include storage vendors EMC, NetApp and Hitachi Data Systems; and systems vendors Hewlett-Packard, Cisco Systems, Lenovo, IBM and Dell.
Unlike some other startups, Nutanix has gone to market with a sales model that puts channel partners front and centre. Unsurprisingly, this has helped Nutanix build a loyal following of partners who are champing at the bit to help drive their hyper-converged businesses to the next level.
Nutanix - and SimpliVity, its main rival in the hyper-converged market - have attracted the attention of larger enterprise technology players. Earlier this year, Cisco made a bid to acquire Nutanix but was rebuffed because the price offered was too low, sources familiar with the matter told CRN USA recently.
Nutanix CEO Dheeraj Pandey issued a statement in May indicating that Dell, by virtue of its June 2014 OEM agreement with Nutanix, would have first shot at an acquisition if the startup ever decided to sell.
Sources said Nutanix has been approached by numerous other suitors, but rejected them because it believes it can become just as disruptive a force in the data centre as VMware when it launched nearly 20 years ago.