Utah education technology unicorn Pluralsight files for IPO

In an unusual move, Pluralsight has announced that it filed confidentially for IPO. Companies typically stay quiet until they build the filings public, unless reporters break the news first.

But it’s no surprise to those who have been following Utah’s tech scene that Pluralsight is planning to list on the stock market this year. The venture-backed “unicorn” has been a late-stage company for several years now.

Co-founder and CEO Aaron Skonnard constructed the foundations of the education technology business back in 2004. Like many startups outside of Silicon Valley, it bootstrapped its business and didn’t raise significant outside funding until 2013.

Then it raised at least three rounds, nearing $200 million in financing. Insight Venture Partners, Felicis Ventures and ICONIQ Capital are amongst its backers.

It’s a competitive market, but Pluralsight has built a big business around online software developing courses, helping people hone their skills in categories like IT, data and security.

Small businesses and big enterprises pay Pluralsight to help train their employees. Someones can also are in favour of its services.

It is unclear when Pluralsight will complete the IPO. The release said that” the initial public offering is expected to commence after the SEC completes its review process, subject to marketplace and other conditions .”

Companies often remain on file confidentially for several months, reviewing and perfecting their prospectus. Once the filing is unveiled, companies must wait 15 days before the investor roadshow, and typically go public the week after that.

There has been a flurry of IPO activity in recent weeks, particularly in the enterprise technology category. Dropbox lately ran public and Spotify is listing Tuesday. Other companies that have submitted filings include DocuSign, Zuora, Smartsheet and Pivotal.

After a slow first quarter, it is expected to be a busy spring for tech IPOs.

Make sure to visit: CapGeneration.com


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