Zendesk Files Long Awaited $150 Million IPO

Cloud-based customer service company Zendesk has filed to raise about $150 million in an initial public offering on the New York Stock Exchange.

In a filing with the U.S. Securities and Exchange Commission, the company disclosed a 2013 net loss of $22.6 million on revenue of $72 million, which would amount to a per-share loss of 52 cents. It had a little less than $54 million of cash on its balance sheet as of Dec. 31.

The company reported operational costs of $69 million for the year, including more than $37 million for sales and marketing costs. Those costs rose 65 percent in 2013, which Zendesk attributed to a near doubling of its sales force. The company had 473 employees as of Dec. 31, up from 287 in 2012.

Zendesk’s biggest shareholder is venture capital firm Charles River Ventures, which holds a 24.5 percent stake. The firm led Zendesk’s 2009 Series A funding. Benchmark is the No. 2 shareholder, with a stake amounting to nearly 19 percent. Benchmark’s Peter Fenton led a $6 million B round and sits on Zendesk’s board. Matrix Partners owns nearly nine percent. CEO Mikkel Svane and Chief Product Officer Alexander Aghassipour each control a little more than seven percent.

This article originally appeared on Recode.net.

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