Dataiku Hires CFO, Hits $150 Million Revenue As Execs Talk IPO Roadmap
Forbes / 03.23.22
Forbes / 03.23.22
“Dataiku, a provider of data science software, is revealing its revenue for the first time and says it has no plans to reorient its growth strategy towards profitability even as Wall Street batters software stocks.
The company announced Wednesday that it has hit $150 million in annual recurring revenue and hired a new chief financial officer, the first external addition to its C-suite. The CFO, Adam Towns, helped take Mimecast to an IPO and most recently worked at analytics firm Sisense. Both pieces of news indicate for Dataiku a step towards an IPO of its own, though executives are holding cards close to their chest on exact timing. “Our goal is to make sure that Dataiku is a long term-independent player in the market,” says cofounder and CEO Florian Douetteau. “From a long term perspective, we need to build the company so that it could go public at some point.”
Dataiku, which launched in Paris in 2013 and is now headquartered in New York, offers a software suite for users to transform and prepare their data to be deployed for machine learning models. Douetteau says the company employs more than 1,000 people, nearly half of which joined in the past year. It last raised $400 million at a $4.6 billion valuation in a round led by Tiger Global in August. It has 450 customers and primarily sells to enterprises, though it launched a product last year to begin attracting small and mid-sized businesses.
The United States is the largest business segment, but makes up less than half of revenue, Douetteau says; Europe, the initial base, and Asia are fast-growing segments and the company grew 60% overall in year-over-year revenue. Its business may be best compared to other data science companies DataRobot, another VC-backed firm which last said in late 2020 that its revenue had exceeded $100 million, and Alteryx, which is trading on the public market at a roughly 8x revenue multiple (the average revenue multiple among cloud software stocks is about 12x, according to the Bessemer Cloud Index).”