Saturday, March 31, 2012

ServiceNow Files For IPO

San Diego-based ServiceNow, the developer of cloud-based, enterprise IT automation software, filed for an IPO Friday, saying that it is looking to raise up to $150M in an IPO on the NYSE. ServiceNow said has applied to trade as NOW. The firm's IPO is being underwritten by Morgan Stanley, Citigroup, Deutsche Bank Securities, Barclays, Credit Suisse, UBS Investment Bank, Pacific Crest Securities, and Wells Fargo Securities. ServiceNow is venture backed by JMI Equity and Sequoia Capital. The firm reported a net loss of $6.6M on revenues of $73.375M for the year ended December 31, 2011.